Saks Global Enters Chapter 11 as Major Creditors Surface
Saks Global filed for Chapter 11 in Texas, revealing assets and debts between $1 billion and $10 billion and more than 10,000 creditors. Christian Louboutin is listed as the 13th-largest unsecured creditor owed $21.6 million, while Capri Holdings (Jimmy Choo/Michael Kors) is owed $33.3 million; Chanel and Kering are also noted creditors. The company secured about $1.75 billion in financing to operate through restructuring and has reorganized leadership, underscoring the fragile state of luxury retail as foot traffic trends weaken and top brands and vendors loom large in the path to a recovery.
