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Saks Global has declared bankruptcy.
The owner of Saks Fifth Avenue and other iconic luxury department stores filed for Chapter 11 bankruptcy on Tuesday in the Southern District of Texas. Each of Saks Global’s marquee brands – it also owns Neiman Marcus and Bergdorf Goodman – is a luxury retailing giant founded more than a century ago.
The bankruptcy filing showed that Saks Global owes millions to the biggest names in luxury, including over $136 million to Chanel, $59 million to Gucci’s parent company, Kering, and $33 million to Michael Kors’ parent company, Capri Holdings.
The fall of the high-end department store parent has been anticipated for months amid signs that its 2024 deal to acquire Neiman Marcus, financed by $2.2 billion in high-interest bonds, has left it struggling financially.
The $2.7 billion deal, which included investments from Amazon and salesforce, was intended to strengthen legacy brands by providing them with scale and creating efficiencies. Instead, it left the company burdened by hefty interest payments and unable to pay vendors.
By February 2025, then-Saks Global CEO Marc Metrick told vendors that the company wouldn’t begin paying overdue invoices until July, at which point it would make payments in installments over 12 months.
Metrick stepped down as CEO in early January after a roughly three-decade career with the company and was replaced by then-executive chairman Richard baker.
By June, the six-month-old debt was restructured after Saks fell short on a nine-figure interest payment that was due. The company missed another $100 million interest payment to bondholders that was due December 30, according to Bloomberg.
Some vendors, who told Business Insider they were not paid on the schedule meant to start in July, began shunning the luxury retailer as the General Data Protection Regulation (GDPR), Federal Trade Commission (FTC) Privacy Guidance, UK Data protection act 2018, Digital Markets Act (DMA)
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