Saks Fifth Avenue news and archive

Saks Global secures 500 million dollars in funding to support restructuring

Luxury retail group Saks Global has unlocked 500 million dollars of funding to support operations and transformation plans under its ongoing bankruptcy process. The financing is an initial tranche of a 1.75 million dollar committed capital the company secured when it filed for Chapter 11 protection with a Texas court last week. Saks said the...

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Saks Global: Millions owed to Chanel, Kering, LVMH, and more

Saks Global’s journey to eventual bankruptcy had been heavily speculated by industry insiders for months. Suspicions were then confirmed Wednesday, when the US retail giant officially filed for Chapter 11 protection in a Texas bankruptcy court, where documents have revealed the extent of financial challenges faced by the company. In its filing,...

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Saks files for bankruptcy protection, Geoffroy van Raemdonck appointed CEO

Saks Global has officially succumbed to bankruptcy. The US luxury retail group has commenced voluntary chapter 11 proceedings in the US Bankruptcy Court for the Southern District of Texas. The company, which owns Saks Fifth Avenue, Saks Off 5th, Bergdorf Goodman and Neiman Marcus, has said its stores will remain open for now. The filing intends...

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Saks seeks 1 billion dollar bankruptcy loan to avoid bankruptcy as it faces vendor lawsuits

Saks Global is reportedly in the process of securing a 1 billion dollar loan to avoid filing for Chapter 11 bankruptcy, as more vendors file lawsuits against the luxury department store group. The capital-constrained company is said to be in negotiations with some of its creditors to obtain a loan, according to media reports. Saks Global, which...

Retail

Bloomberg: Saks Global faces potential Chapter 11 bankruptcy filing

Saks Global, the parent company of luxury department store Saks Fifth Avenue, is considering filing for Chapter 11 bankruptcy in the US. This move is being considered a last resort amid growing financial difficulties, according to reports from Reuters and Bloomberg News. The potential filing comes as the company grapples with high debt and...

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Saks Global shuffles leadership team as slew of execs exit

Luxury retail group Saks Global has initiated a reorganisation of its management in a bid to cut costs, with a slew of top executives due to step down from the firm. According to WWD, which initially reported the news, the reshuffle will see chief executive officer, Marc Metrick, become more directly involved with brand partners. The media...

Retail

Saks Global introduces new incentives for top sellers

Luxury retail group Saks Global is set to debut a new incentives programme for its top sellers at both its Saks Fifth Avenue and Neiman Marcus locations. The ‘Seller Success Track Programme’ is described by the retailer as a “reimagined approach” to empowering its most impactful selling associates, supporting their "individual businesses”. First...

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Saks Global's Q2 performance impacted by inventory issues

According to WWD, Saks Global reported a decline in both revenue and profit for the second quarter, weighed down by persistent inventory challenges and higher operating costs. For the quarter ended August 2, revenue dropped 11.1 percent to 1.6 billion dollars, while gross merchandise value slipped to 2 billion dollars. The company's net loss...

Fashion

LoveShackFancy partners with Visit Savannah for capsule collection

Visit Savannah, the tourism and marketing organization for Savannah, Georgia, and the Chatham County area, has partnered with New York-based fashion brand LoveShackFancy to develop and launch a limited-edition capsule collection. Exclusively available at Saks Fifth Avenue, the collection is described as a celebration of the “shared spirit of...

Retail

Saks Fifth Avenue unveils new, AI-driven personalized homepage

Saks Global, the multibranded retailer that owns Saks Fifth Avenue, Neiman Maruc, and Bergdorf Goodman, has unveiled a new personalised homepage for Saks Fifth Avenue online and mobile app. Gradually rolled out from 5 percent of all its ecommerce traffic, the company released the change to all visitors, directing 100 percent of its Saks.com...

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Amazon and Saks Fifth Avenue team up on luxury storefront

Marketplace giant Amazon has teamed up with US department store Saks Fifth Avenue on a new multi-brand storefront, featuring a curation of luxury fashion and beauty brands that will now be housed under ‘Luxury Stores at Amazon’. Through the new partnership, Amazon Fashion customers can now browse and shop a selection of women’s and men’s...

Retail

Hudson’s Bay to liquidate remaining seven stores

Department store group Hudson’s Bay Company has confirmed that it plans to liquidate its remaining six own brand stores and one Saks Fifth Avenue location. The company deduced that a viable bid for the six-store model was now “unlikely”. From April 25, the remaining stores will therefore join 73 Hudson’s Bay sites, 13 Saks Off 5th locations and...