Saks Global files for bankruptcy, closing all but 12 stores
Business
Saks Global—the company behind Saks Fifth Avenue—just filed for bankruptcy after securing a $1.75 billion financing commitment.
They're closing 57 Saks OFF Fifth stores and keeping only 12 open to help clear out inventory from their main locations.
The move follows a heavy debt load and unpaid invoices to big-name brands like Chanel, Kering, and LVMH.
Saks has lined up $1.75 billion to keep things running
Despite the chaos, Saks Global has lined up $1.75 billion to keep things running during bankruptcy.
They've also brought in Geoffroy van Raemdonck (ex-Neiman Marcus CEO) to lead the turnaround.
The move marks a big shift for bargain luxury shopping fans
After announcing on Jan. 29 that it would close 57 Saks OFF Fifth locations, Saks OFF Fifth is now down to just a dozen locations—marking a big shift for bargain luxury shopping fans.