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The Latest Breaking News from Saks Global

Saks Global culls large chunk of its corporate workforce

About 640 jobs will be cut. When Saks filed for bankruptcy in January, it employed about 17,000 people

The Independent UK

Nordstrom's 'glow-up': How going private is helping the retailer thrive as Saks Global languishes

Freed from Wall Street’s glare, Nordstrom is is betting on fun, food, and beauty to win back shoppers.

Fortune

Saks Global to shutter 15 more department stores in bankruptcy restructuring

The parent company of Saks Fifth Avenue and Neiman Marcus is closing more of its department stores as it focuses on its most profitable businesses and trims debt during its Chapter 11 bankruptcy restructuring

The Independent UK

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Dozens of Saks Off 5th stores to close after bankruptcy filing, liquidation sales begin

Saks Global filed for Chapter 11 bankruptcy earlier this month

The Independent UK

Mall staple Francesca’s closing stores nationwide

Retail chain has been open since 1999

The Independent UK

CEO leading Saks Global through bankruptcy has a management philosophy of 'leading with love'

Also: All the news and watercooler chat from Fortune.

Fortune

‘The consumers are still out there’: why a bankruptcy for Saks Global may not spell the end

Just more than a year after the new luxury behemoth was formed, it announced it had filed for chapter 11 bankruptcy

The Guardian - US

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Can Saks' new CEO repair the damage done to the luxury retailer by years of being treated as a 'financial plaything'?

Geoffroy van Raemdonck's first order of business will be to win back fashion brands.

Fortune

Saks files for bankruptcy, leaving the future of its stores up in the air

‘This is a defining moment for Saks Global,’ the firm’s new CEO said

The Independent UK

Saks Global files for bankruptcy after takeover leads to financial collapse

Debt-riddled retail giant’s demise has cast uncertainty over the future of US luxury fashion

The Guardian - US

Luxury retailer Saks Global files for bankruptcy as it prepares to restructure

Luxury retailer Saks Global has filed for bankruptcy, preparing to reposition itself after obtaining about $1.75 billion in financing commitments

The Independent UK

Saks Fifth Avenue Owner on Brink of Bankruptcy as Consumers Pull Back on Non-Essential Spending

Saks Global, owner of Saks Fifth Avenue, is set to file for Chapter 11 bankruptcy as consumers cut discretionary spending and heavy debt from a costly merger burdens the retailer's finances.

International Business Times UK

Saks Global's near bankruptcy is the result of risky dealmaking—and a neglect of business basics

Also: All the news and watercooler chat from Fortune.

Fortune

How a real estate scion's risky dealmaking pushed Saks Global to the brink

With vendors angry and luxury shoppers deserting in droves, the department store chain’s new CEO, Richard Baker, faces a tough slog.

Fortune

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International Business Times UK

Saks CEO Steps Down: What Went Wrong in the Final Months

Saks Global replaces its CEO amid debt pressure, missed payments, and a slowdown in luxury sales, exposing the risks of rapid expansion and bold mergers.

International Business Times UK

Luxury Giant in Freefall: Saks 'Desperate' to Lock Down $1B Financing After Skipping Huge Debt Payment

Saks Global races to secure $1B in emergency financing as bankruptcy looms after missing a $100M bond payment linked to its troubled Neiman Marcus deal.

The Independent UK

Saks may be heading for bankruptcy despite raising billions: report

Saks’ $2.65 billion acquisition of competitor Neiman Marcus put the company in more debt

The Independent UK

Saks Off Fifth closes its flagship NYC store and other locations across America

A Saks Global spokesperson assured customers in October that the company is not filing for Chapter 11 bankruptcy

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Fortune

Saks Global is luxury’s last best hope

The combination of Saks and Neiman Marcus into a single entity represents one of the most significant developments in U.S. luxury retail in decades.

The Independent UK

Parent company of Saks Fifth Avenue to buy rival Neiman Marcus for $2.65 billion,

The parent company of Saks Fifth Avenue has signed a deal to buy upscale rival Neiman Marcus Group, which owns Neiman Marcus and Bergdorf Goodman stores, for $2.65 billion, with online behemoth Amazon holding a minority stake

The Independent UK

Saks buys Neiman Marcus in $2.6bn deal — with a little help from Amazon

The deal was reportedly sealed with some help from Amazon, which is taking a minority stake in the newly-formed group Saks Global

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