The U.S. luxury department store group Saks Global has filed for Chapter 11 bankruptcy protection. The company estimates it has up to 25,000 creditors, with total liabilities reaching as much as $10 billion, and global luxury brands including Chanel are listed among its unpaid creditors.
Tag: Saks Global
On January 14, U.S. luxury department store group Saks Global announced that it has filed for protection under Chapter 11 of the U.S. Bankruptcy Code.
As financial uncertainty deepens at Saks Global, one of the world’s largest multi-brand luxury retail groups, Italian luxury brand Brunello Cucinelli has made clear that it will continue to stand by its department store–focused wholesale strategy, Reuters reports.
On January 2, Saks Global, one of the world’s largest multi-brand luxury retailers, announced that its Chief Executive Officer, Marc Metrick, has stepped down.
Saks Global, a U.S.-based luxury department store group, has reached a critical crossroads in its restructuring efforts.
Luxury retail giant Saks Global has filed a lawsuit to block Yumi Shin, former Chief Merchandising Officer of New York’s iconic luxury department store Bergdorf Goodman, from assuming a new role at Nordstrom, one of the company’s direct competitors.
On April 29, Saks Fifth Avenue announced the launch of “Saks on Amazon,” a new curated storefront on Amazon Fashion’s Luxury Stores platform, dedicated to luxury fashion and beauty.
Neiman Marcus, one of the leading luxury department stores in the U.S., has announced the closure of its Dallas flagship store on March 31, 2025.
On December 23, Saks Global announced the completion of its acquisition of Neiman Marcus Group for a total enterprise value of $2.7 billion.
On July 3, it was announced that HBC, the parent company of U.S. luxury department store Saks, will acquire competitor Neiman Marcus Group for $2.65 billion.