Luxury retailer Saks seeks bankruptcy protection overwhelmed by debt [Globe and Mail, The (Toronto, Canada)]
Macy's Inc (M)
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Source: Globe and Mail, The
Saks Global has secured roughly $1.75 billion in financing, the New York company said as filed for Chapter 11 bankruptcy Wednesday in the Southern District of Texas. The private company said that stores will remain open as it restructures company debt, meaning that it will honor the programs it has for customers. Suppliers and employees will be paid, Saks said. “This is a defining moment for Saks Global, and the path ahead presents a meaningful opportunity to strengthen the foundation of our business and position it for the future,” said Geoffroy van Raemdonck, who took over for CEO and Executive Chairman Richard Baker this week. Baker had assumed control after the company's CEO Marc Metrick, stepped down earlier this month. When Saks said that it would buy Neiman Marcus for $2.65 billion in the summer of 2024, the goal was to create a powerhouse in a luxury sector that had grown more fragmented. Online sellers were siphoning customers and big name brands had begun to sell good
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News
- Saks Fifth Avenue Owner Files For Bankruptcy Protection: Here's What To Know [Yahoo! Finance]Yahoo! Finance
- Macy's to close 14 stores as part of turnaround strategy: See the list [FOX Business Network]FOX Business Network
- Why Macy's Stock Crushed it in 2025 [Yahoo! Finance]Yahoo! Finance
- Saks seeks bankruptcy protection, overwhelmed by debt [Los Angeles Times (CA)]Los Angeles Times
- Tracy's West Valley Mall faces major blow with Macy's closure [CBS News]CBS News
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