Amazon is not happy with Saks [Business Insider]
Amazon.com, Inc. (AMZN)
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Source: Business Insider
This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in Amazon is pushing back against Saks Global's bankruptcy financing plan. Saks Global filed for Chapter 11 bankruptcy protection this week. Amazon warned it may seek "more drastic measures" if Saks doesn't "resolve" its concerns. Amazon's business partnership with luxury retailer Saks Global has hit a sour note. The e-commerce giant invested $475 million of preferred equity in Saks Global — the owner of department stores Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman — in December 2024. Now, Amazon says its stake is "presumptively worthless," and it has asked a federal judge to reject the retailer's bankruptcy financing plans, which it says will further diminish its chances of recovery. "That equity investment is now presumptively worthless after Saks continuously failed to meet its budgets, burned through hundreds of millions of
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