US EditionNeiman Marcus parent Saks files for bankruptcy protection
- On Wednesday, U.S. Bankruptcy Judge Alfredo Perez granted initial approval letting Saks Global draw on $400m in new cash at a Houston bankruptcy hearing.
- Saks Global filed for Chapter 11 carrying $3.4 billion in debt after a 2024 merger with Neiman Marcus caused cash shortfalls, delayed payments, and stopped shipments from vendors and suppliers.
- The company owes over $337m to suppliers, including Chanel owed $136m and Kering $26m, while Mark Weinstein, Chief Restructuring Officer, warned Saks Global would be "dead in the water" without funds to pay vendors and 17,000 employees.
- Amazon.com objected in court, arguing Saks burned through hundreds of millions and warning its $475m equity investment could become worthless while contesting the Manhattan flagship store as collateral, but Judge Alfredo Perez overruled the objection.
- In a press release, Saks said it had secured $1.75 billion in financing and attorney Debra Sinclair said `The customers are there, and we know this because when we do have goods available in our stores, we are able to sell them.
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Amazon Loses Fight To Block Saks Bankruptcy Financing, Warns Of ‘Drastic Remedies’ - Amazon.com (NASDAQ:AMZN)
A U.S. bankruptcy judge has dismissed Amazon.com Inc.‘s (NASDAQ:AMZN) attempt to block a proposed financing deal to aid Saks Global Enterprises during its Chapter 11 bankruptcy. On Thursday, Judge Alfredo Perez approved a preliminary $400 million financing package for Saks following a courtroom battle between the retailer and several creditors, including Amazon, reported Reuters. Saks is seeking $1.75 billion to continue operations, but will nee…
The U.S. conglomerate Saks Global, owners of luxury warehouses, reported in a statement that it was declared bankrupt due to:Lodging DebtConflict with SuppliersSales DropSaks Global said that on January 14, it started its voluntary bankruptcy proceedings in a court in the South Texas district of the United States.Saks Global's debt amounts to $5 billionThe Saks Global Group announced that it is in bankruptcy due to the accumulation of debts and …
New York Post
DNyuzAmazon launches legal battle against bankrupt Saks Global over ‘wasted’ investment
A major legal battle is underway between Amazon and Saks Global, with the e-commerce giant vowing to use “all available legal remedies” to recover $475 million it claims it is owed in the luxury retailer's recently filed bankruptcy.
Amazon is not happy with Saks
Amazon is putting up a fight over Saks Global's bankruptcy financing plan.Scott Olson/Getty Images; Matthias Balk/picture alliance via Getty ImagesAmazon is pushing back against Saks Global's bankruptcy financing plan.Saks Global filed for Chapter 11 bankruptcy protection this week.Amazon warned it may seek "more drastic remedies" if Saks doesn't "resolve" its concerns.Amazon's business partnership with luxury retailer Saks Global has hit a sour…
Saks Global Files for Bankruptcy to Address Immense Debt
On Wednesday, Saks Global officially filed for Chapter 11 bankruptcy, only a little over a year after acquiring Neiman Marcus Group in a $2.7 billion deal. In a press statement, the company said the filing is supported by its key financial stakeholders and that it has secured $1.75 billion in financing, comprised of $1.5 billion from an ad hoc group of senior secured bondholders and approximately $240 million in incremental liquidity from asset-…
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