Part article:
>The high-end department store conglomerate Saks Global filed for bankruptcy protection on Tuesday in one of the largest retail collapses since the pandemic, barely a year after a deal that brought Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus under the same roof.
>The move cast uncertainty over the future of US luxury fashion, though the retailer said early on Wednesday its stores would remain open for now after it finalised a $1.75bn financing package and appointed a new CEO.
>The former Neiman Marcus CEO Geoffroy van Raemdonck will replace Richard Baker, who was the architect of the acquisition strategy that left Saks Global saddled with debt.
Snooopineapple on
ah wonder if it’s tariffs doing what it’s supposed to do
McWetty on
In an industry that charges 500% mark up, how do you go bankrupt? I guess people started to realize you can get the same fashion at $50 instead of $200.
DaydreaminMyLifeAway on
Your mother shops at Saks
KD_Hub on
Saks Global’s bankruptcy proves debt-packed takeovers can wreck retailers amid e-commerce booms and inflation. Watch Macy’s or Nordstrom for similar red flags, but scout for bargain buys in the fallout.
Short overleveraged retail stocks or grab puts on sector ETFs like XRT if bankruptcy filings spike.
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Nice
Part article:
>The high-end department store conglomerate Saks Global filed for bankruptcy protection on Tuesday in one of the largest retail collapses since the pandemic, barely a year after a deal that brought Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus under the same roof.
>The move cast uncertainty over the future of US luxury fashion, though the retailer said early on Wednesday its stores would remain open for now after it finalised a $1.75bn financing package and appointed a new CEO.
>The former Neiman Marcus CEO Geoffroy van Raemdonck will replace Richard Baker, who was the architect of the acquisition strategy that left Saks Global saddled with debt.
ah wonder if it’s tariffs doing what it’s supposed to do
In an industry that charges 500% mark up, how do you go bankrupt? I guess people started to realize you can get the same fashion at $50 instead of $200.
Your mother shops at Saks
Saks Global’s bankruptcy proves debt-packed takeovers can wreck retailers amid e-commerce booms and inflation. Watch Macy’s or Nordstrom for similar red flags, but scout for bargain buys in the fallout.
Short overleveraged retail stocks or grab puts on sector ETFs like XRT if bankruptcy filings spike.
It’s because they charge for shipping.