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Stock impact report

Saks Global Files For Chapter 11 Bankruptcy — Here's What This Means For Shoppers [Yahoo! Finance]

Capri Holdings Limited Ordinary Shares (CPRI) 
Last capri holdings limited ordinary shares earnings: 2/5 06:30 am Check Earnings Report
Company Research Source: Yahoo! Finance
The luxury retailer that owns Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue, and Saks OFF 5TH owes millions to several companies, including Chanel ($136 million), Gucci's parent Kering ($59 million), and Michael Kors' parent Capri Holdings ($33 million), per the outlet. ABC News cited several factors that have contributed to the filing: an increase in online shopping, direct-to-consumer sales outside department stores, and a decrease in interest in high luxury price points. “Over the last five years, luxury prices have gone so high that there's really a question of perceived value,” Marie Driscoll, a professor at The New School who studies luxury retail, told ABC News. “People are thinking, ‘This is not worth it.'” Additionally, Saks Global's 2024 acquisition of Neiman Marcus created financial strain for the company, notes Business Insider. In a press release at the time, Richard Baker, executive chairman of Saks Global, described the purchase as a “transformative moment Show less Read more
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