Saks owner seeks to secure $1 billion in funding as CEO departs: sources
Saks Fifth Avenue Owner Seeks Bailout Amid CEO Departure The owners of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, are trying to secure over $1 billion in bailout funding from both new and existing investors, according to recent reports. This comes at a time when the company has announced the resignation of its CEO. […]
Saks Global CEO resigns as reports indicate the luxury brand is getting ready to declare bankruptcy.
Saks Global CEO Resigns Amid Bankruptcy Talks Mark Metric, the CEO of Saks Global, announced his resignation on Friday as the company, which owns luxury department stores like Saks Fifth Avenue and Neiman Marcus, is reportedly preparing to file for bankruptcy protection. Richard Baker, the current executive chairman, will step in as CEO. This transition […]
Stylist Suhail Kwatra allegedly took $430K in merchandise from Saks Fifth Avenue, according to police.
Accusations Against Saks Fifth Avenue Stylist A well-known stylist at Saks Fifth Avenue, recognized for his ties to Boston’s elite, faces allegations of stealing around $430,000 in merchandise from the upscale retailer. Suhail Kwatra, 43, who brands himself as the “Boston fashion whisperer,” claims to have styled prominent clients, including the wife of Red Sox […]
Saks Fifth Avenue’s holiday light show makes a comeback after being paused for a year: Where and when to see it
This week, the popular holiday light show at Saks Fifth Avenue’s main store made its return, following a hiatus last year when the displays were canceled to save costs. Now celebrating its 21st year, the grand show illuminated Fifth Avenue on Monday for the first time since 2023, featuring towering decorations over two stories, all […]
Saks Off Fifth will shut down 9 locations in the US.
Another one bites the dust. It’s a bit of a somber moment for savvy shoppers, and honestly, some might say it’s marking the end of an era. Saks Off-Fifth, the outlet branch linked to Saks Fifth Avenue, is set to shut down nine locations throughout the U.S., with a few in the tri-state area being […]
Saks owner files a lawsuit against Puck News, alleging the outlet published biased reports.
Luxury giant Saks Global has filed a lawsuit against Puck News, alleging that the publication did not disclose a reporter’s “conflict of interest” while publishing a series of damaging articles that purportedly cost the company hundreds of millions. The owners of Saks Fifth Avenue and Neiman Marcus maintain that Puck News columnist William D. Cohan, […]
Saks secures $600M funding, disappointing some bondholders: report
Saks is facing challenges as it recently secured a $600 million cash infusion from bondholders. This deal could potentially place other lenders at a disadvantage, leading to losses and diminished rights. The arrangement involves two parts. Initially, $300 million will be provided right away by investors holding half of Saks’ $2.2 billion high-interest debt from […]
Saks launches storefront on Amazon to sell luxury clothes, products
Saks Fifth Avenue will launch its storefront on Amazon, selling Dolce & Gabbana and Balmain's high-end designer products in the e-commerce giant's latest foray into luxury sales, the company said Tuesday. Amazon has been an investor in the parent company of Saks Fifth Avenue, Saks Global's Saks Fifth Avenue since December, when Saks Global bought […]
Saks Global will slash about 5% of corporate workforce after buying Neiman Marcus: source
Saks Global is combined with the newly acquired Neiman Marcus, which cuts around 150 jobs in several sectors. Saks Fifth Avenue, Bergdorf Goodman and Saks Off 5 retail giants will fire employees in finance, legal, operations, HR and HR departments, according to an internal memo sent to staff viewed in the post . The layoffs […]
Saks Fifth Avenue owner to close Neiman Marcus’ landmarked flagship store
The owner of Saks Fifth Avenue said it would close Nieman Marcus's century flagship store just two months after acquiring its longtime luxury rival in the blockbuster merger. The fashionable shop inside the 111-year-old nine-story Renaissance Revival Tower in downtown Dallas will close on March 31 due to a “condition beyond our control.” Post. Downtown's […]