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 […]
Saks Fifth Avenue owner developing luxury hotel, apartments in former department stores
Saks Fifth Avenue is considering expanding its brand into hotels and luxury apartments as it seeks to grow beyond the tough retail industry, according to information obtained by The Washington Post. Following the shock announcement that Saks’ parent company, HBC, would acquire rival Neiman Marcus for $2.65 billion, HBC is developing a hotel and 56 […]