Saks owes hundreds of millions to luxury brands from Chanel to Burberry [Business Insider]
BURBERRY GROUP PLC S/ADR (BURBY)
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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 Saks Global's Chapter 11 filing reveals that it owes hundreds of millions to big-name brands. Major unsecured creditors include Chanel, LVMH and Christian Louboutin, and Burberry. Google and Meta are also among the list of unsecured creditors. Saks Global has filed for Chapter 11 bankruptcy protection — and court filings reveal that the luxury retailer owes hundreds of millions of dollars to some of the fashion industry's biggest names. The question is, will they get paid? In US bankruptcy proceedings, unsecured creditors generally stand at the end of the line for repayment, behind secured creditors and lenders. "There will be a lot of hardship for those brands," Gary Wassner, the CEO of Hilldun Corp., which acts as a guarantor or insurer for brands, told Business Insider about independent designers who aren't part of a big conglomera
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