Saks' bankruptcy filing creates uncertainty for iconic stores, suppliers and shoppers [Globe and Mail, The (Toronto, Canada)]
TJX Companies, Inc. (The) (TJX)
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Source: Globe and Mail, The
luxury department stores' suppliers with unpaid bills and caused a rift with Amazon, one of Saks Global's minority investors. Saks Global said last week it had secured roughly $1.75 billion to help finance the company toward hoped-for profitability. The company said it would honor all customer loyalty programs, compensate vendors and pay employees while seeking approval for its plan to pay off outstanding liabilities, which range from $1 billion to $10 billion, according to court documents. While the retailer's stores remain open for now, the bankruptcy and restructuring could likely impact the assortment of designer brands customers find online or in their local Neiman Marcus or Saks, according to industry experts. Many brands stopped shipping their goods weeks ago as Saks Global's financial distress became more evident and bankruptcy appeared inevitable, experts said. A visit to Saks Fifth Avenue's flagship store in Manhattan last week revealed noticeable merchandise gaps, inc
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TJX
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- 12/11/25 - Form 4
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