Saks’ Bankruptcy Rings Alarm Bells For Luxury Retail [Forbes]
LVMH-MOET H/L/V UNSP/ADR (LVMUY)
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Source: Forbes
US media reported on January 13 that Sak's Global CEO Richard Baker is departing his job. (Photo by ANGELA WEISS / AFP via Getty Images) AFP via Getty Images In the marble-floored halls of Saks Fifth Avenue's flagship on Manhattan's Fifth Avenue, where designer handbags once symbolized attainable and aspirational luxury, a new reality is settling in. On January 13, Saks Global — the parent company uniting Saks, Neiman Marcus, and Bergdorf Goodman — filed for Chapter 11 bankruptcy protection in the Southern District of Texas, burdened by over $2.5 billion in debt, largely stemming from its 2024 acquisition of Neiman Marcus. The move, while securing $1.75 billion in fresh financing to keep doors open during reorganization, underscores a broader seismic shift in luxury retail: the decline of the multi-brand department store model amid soaring e-commerce and economic pressures. For luxury brands and their consumers, this isn't just a corporate filing — it's a harbinger of accelerated
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