High-end department store conglomerate Saks Global filed for bankruptcy protection late on Tuesday in one of the largest retail collapses since the pandemic.
Saks
Saks Fifth Avenue, an affiliate of Saks Global, listed $1 billion to $10 billion in assets and liabilities, according to court documents filed in U.S. Bankruptcy Court in Houston, Texas.
Saks Global did not respond to a request for a further comment.
The move cast uncertainty over the future of U.S. luxury fashion barely a year after a takeover that brought Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus under the same roof.
A retailer long loved by the rich and famous, from Gary Cooper to Grace Kelly, Saks fell on hard times after the Covid pandemic, as competition from online outlets rose, and brands started more frequently selling items through their own stores.
Saks Global was close to finalizing a $1.75 billion financing package with creditors that would allow its stores to remain open, two people familiar with the negotiations told Reuters earlier on Tuesday.
The financing would provide an immediate cash infusion of $1 billion through a debtor-in-possession loan from an investor group led by Pentwater Capital Management in Naples, Florida, and Boston-based Bracebridge Capital, the people said.
An additional $250 million in financing would also be available through an asset-backed loan provided by the company’s banks, the people said. The luxury retailer would have access to another $500 million of financing from the investor group once it successfully exits bankruptcy protection, the sources added.
A host of luxury brands were among the unsecured creditors, led by Chanel and Gucci owner Kering at about $136 million and $60 million respectively, the court filing said.
The world’s biggest luxury conglomerate, LVMH, was listed as an unsecured creditor at $26 million. In total, Saks Global estimated there were between 10,001 and 25,000 creditors.
In 2024, parent company Hudson’s Bay had bet on scale by merging it with rival Neiman Marcus, creating the entity now known as Saks Global. The $2.7 billion deal was built on about $2 billion in debt financing and equity contributions from investors including Amazon, Salesforce, and Authentic Brands.
Amazon and Authentic Brands were listed in the court filing as equity investors.
London’s Soho continues to be a magnet for international brands and major landlord Shaftesbury Capital has just announced that Ron Dorff, the French-Swedish menswear label, is to launch a new UK flagship store there at 32 Berwick Street.
Ron Dorff
It covers a 600 sq ft space offering the label’s menswear and accessories, including sportswear, loungewear, underwear, and swimwear.
The 11-year-old brand focuses on “upgrading iconic menswear staples” and the area is a strong one for menswear generally. It’s just around the corner from Regent Street where consumers can find menswear from Gant, Hackett, Reiss, COS, Boss, Levi’s, Tommy Hilfiger, Paul&Shark and more.
Meanwhile, on Berwick Street itself and other nearby streets there’s Ben Sherman, Wax London, &Sons, END., Wolf & Badger, Sunspel, and Farah, among others.
That all gives Ron Dorff a guaranteed amount of visitor traffic.
The relationship between Ron Dorff and Shaftesbury Capital began 10 years ago, when the latter supported the brand into physical retail with a first-ever UK store, on Earlham Street in Seven Dials. In relocating to Berwick Street, Ron Dorff now sits opposite fellow Scandinavian-inspired retailers Sandqvist and Nudie Jeans.
William Oliver, Director of Retail & Restaurant Leasing at Shaftesbury Capital, said: “Our approach to leasing is thematic – we look at a space, and the location in which it sits, and think about what type of brand would be most successful there. Having worked with Ron Dorff for 10 years, we have a deep understanding of their operation, and customer base. When we looked at 32 Berwick Street, it was clear that a premium menswear brand of that calibre would suit the space perfectly, and it’s a success story for our West End portfolio that we’ve been able to relocate them, providing a fresh opportunity but ensuring they can continue to make the most of a high footfall, ever-popular shopping district.”
And Ron Dorff founder and CEO Claus Lindorff added that while the label is stocked in other stores, “having a standalone location is so important for our brand recognition and for our customers that love shopping pure Ron Dorff collections. When we were approached about moving to Berwick Street, seeing the other brands here and those that also relocated recently for new flagships, we could see the opportunity, and are delighted to be in this part of the West End”.
The British brand Superdry & Co. has confirmed its entry into Argentina as the launchpad for an ambitious regional expansion. The company plans to invest between 40 million US dollars and $50 million over the first four years, as part of a strategy with a 20-year development horizon in Latin America.
Superdry announces the opening date of its first store in Argentina – DR
The first flagship store is scheduled to open in August, coinciding with the spring/summer season, in the San Isidro Racecourse area. The store will serve not only as the flagship but also as the regional headquarters and decision-making centre for South America. In parallel, the official online store for the Argentine market will launch; the brand’s arrival is already being teased on its local website.
According to the announcement, the first phase will create 150 direct jobs, with a target of ending 2026 with five franchises in operation. From March 2027, at the start of the autumn/winter season, a further five openings are planned, with the aim of reaching a rate of ten franchises per year, measured by financial year rather than calendar year.
Founded in 1985 in Cheltenham, UK, Superdry has built its global standing on a proposition that combines vintage-inspired design, quality garments, and accessible pricing. It currently operates in more than 60 countries and has over 700 stores worldwide.
Superdry’s entry into Argentina will be via an alliance with Tango Fabric, the company founded by Ezequiel García and Juan Ignacio Tubio Mónaco, which will oversee local operations and the brand’s regional development.
This article is an automatic translation. Click here to read the original article.
US e-commerce giant Amazon will appeal against a decision by an Italian court that reduced a fine imposed by the country’s antitrust regulator as it believes it should not be charged at all, Italian daily MF reported on Wednesday.
The logo of Amazon is seen at the company logistics centre in Boves, France, August 8, 2018 – REUTERS/Pascal Rossignol/File Photo
On Monday, Italy’s antitrust authority said it had reduced to 752.4 million euros ($876.3 million) a 1.13-billion-euro fine it imposed on Amazon in 2021 for abusing its dominant position, restricting competition in e-commerce logistics services in Italy.
The reduction followed a regional administrative court ruling last September. The Italian regulator will also appeal against the ruling to reduce the fine, MF reported.
The antitrust authority declined to comment. Amazon did not immediately reply a request for comment.