Amazon threatens 'drastic' action after Saks bankruptcy, says $475M stake is now worthless [MSNBC.com]
Amazon.com, Inc. (AMZN)
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Source: MSNBC.com
AmazonSaks Global's bankruptcy financing planbeleaguered department storeWhenSaks acquired Neiman Marcus"That equity investment is now presumptively worthless," Amazon's attorneys wrote in a Wednesday filing, hours after Saks filed for Chapter 11 bankruptcy protection. "Saks continuously failed to meet its budgets, burned through hundreds of millions of dollars in less than a year, and ran up additional hundreds of millions of dollars in unpaid invoices owed to its retail partners."As part of the deal, SakslaunchedIn its filing, Amazon argued that Saks' bankruptcy financing plan harms the company, and other creditors, because it saddles parts of the Saks corporation with new debt that it previously didn't have. It also pushes Amazon further down the pecking order in terms of repayment, which reduces the amount it could potentially be repaid during the proceedings, the e-commerce company said in the filings.Amazon wrote that it "hopes" Saks will resolve its concerns, but if it doesn't,
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AMZN
Earnings
- 10/30/25 - Beat
AMZN
Sec Filings
- 12/3/25 - Form 4
- 11/25/25 - Form 4
- 11/25/25 - Form 4
- AMZN's page on the SEC website