Saks Global news and archive

Saks Global secures 500 million dollars financing to support restructuring

US luxury retailer Saks Global has entered into a Restructuring Support Agreement with an ad hoc group of senior secured bondholders, securing a commitment for 500 million dollars in exit financing as it prepares to emerge from Chapter 11. The agreement is a key step in the company’s broader restructuring process, with Saks continuing...

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Business|Analysis

Analysis: Financial health of independent designers threatened by Saks Global's restructuring

Last week, an unprecendented movement had begun in the fashion world. The leaders of the four main international industry organisations sent an open letter to Saks Global's CEO, Geoffroy van Raemdonck, urging him to guarantee payment of outstanding invoices to independent and emerging designers as part of the retailer's judicial restructuring....

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Business

Global fashion organisations call for Saks Global to support emerging talent

A coalition of leading fashion bodies is calling for safeguards to protect emerging designers amid Saks Global’s ongoing restructuring. In a joint letter obtained by WWD, the Council of Fashion Designers of America (CFDA), British Fashion Council (BFC), Camera Nazionale della Moda Italiana (CNMI) and Fédération de la Haute Couture et de la Mode...

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Business

Saks Global secures final 300 million dollars of committed capital

Amid its ongoing bankruptcy proceedings, Saks Global has secured access to 300 million dollars, the final tranche of its 1.75 billion dollars in committed capital. The US retail giant unlocked the final part of the funding after receiving approval for its five-year business plan from senior secured creditors, as well as achieving other key...

Retail

Saks Global to close 15 more stores as it nears end of footprint optimisation efforts

Saks Global has confirmed a further 15 store closures as it continues to enact a restructuring plan associated with ongoing bankruptcy proceedings. The luxury retail group is due to close 12 additional Saks Fifth Avenue stores and three Neiman Marcus locations. This latest round of closures follows a first phase initiated in February, when eight...

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People|CEO Profile

Richard Baker: The man who couldn't save Saks and Hudson's Bay

In the turmoil surrounding iconic North American department stores, one name has repeatedly surfaced in recent months: Richard Baker. Under the leadership of the current Galeria investor, the Canadian department store chain Hudson’s Bay was forced to close after more than 355 years, and the luxury department store group Saks Global filed for...

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Business

Saks Global obtains approval for one billion dollar financing

Saks Global has secured approval from a Texas bankruptcy court for a one billion dollar financing to support its reorganisation plan. The decision was determined by Judge Alfredo Perez during a hearing held in Houston. The news comes after Saks was able to resolve objections brought forth by luxury brands and business partners that expressed...

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Business

Saks Global announces store footprint optimisation for profitable growth

Saks Global, the luxury retail entity formed through the acquisition of Neiman Marcus Group, has announced a strategic optimisation of its store footprint and service model to drive profitable growth. Store optimisation to drive growth The first phase of this transformation includes the closure of eight Saks Fifth Avenue locations and one Neiman...

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Business

Saks Global unsecured creditors form committee

In a new phase of Saks Global's Chapter 11 bankruptcy proceedings, the US Trustee's Office has formed an Official Committee of Unsecured Creditors, giving the retail group's partners a voice in the process. A total of 10 members were appointed to the committee last week, including major fashion houses such as Chanel, LVMH, Kering and Ermenegildo...

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Business

Saks reportedly ends e-commerce partnership with Amazon

Following its bankruptcy filing, Saks Global is believed to be ending its relationship with Amazon, and is set to wind down its storefront on the marketplace giant. According to sources for Reuters, the decision to bring the ‘Saks on Amazon’ concept to a halt comes as the luxury retail group looks to focus on parts of the business where there is...

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Business

Saks to sharpen luxury focus as it partially winds down off-price business

Saks Global is continuing to roll out changes to its business amid a review of its operations as part of ongoing bankruptcy proceedings. In its latest announcement, the US retail group confirmed plans to partially wind down its off-price category and close the majority of its Saks Off 5th retail locations, as well as the five remaining Last Call...

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People

Saks Global’s SVP of fashion exits business

The head of fashion at Saks Global has exited the luxury retailer. Roopal Patel, the group’s senior vice president of fashion, has departed and her successor has not yet been named, according to a report by WWD. Patel’s exit was confirmed to the publication by Saks Global, which said in a statement: “Roopal Patel, SVP of the fashion office, Saks...