Saks Global news and archive

Saks reportedly ends e-commerce partnership with Amazon

Following its bankruptcy filing, Saks Global is believed to be ending its relationship with Amazon, and is set to wind down its storefront on the marketplace giant. According to sources for Reuters, the decision to bring the ‘Saks on Amazon’ concept to a halt comes as the luxury retail group looks to focus on parts of the business where there is...

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Saks to sharpen luxury focus as it partially winds down off-price business

Saks Global is continuing to roll out changes to its business amid a review of its operations as part of ongoing bankruptcy proceedings. In its latest announcement, the US retail group confirmed plans to partially wind down its off-price category and close the majority of its Saks Off 5th retail locations, as well as the five remaining Last Call...

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Saks Global’s SVP of fashion exits business

The head of fashion at Saks Global has exited the luxury retailer. Roopal Patel, the group’s senior vice president of fashion, has departed and her successor has not yet been named, according to a report by WWD. Patel’s exit was confirmed to the publication by Saks Global, which said in a statement: “Roopal Patel, SVP of the fashion office, Saks...

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Saks Global secures 500 million dollars in funding to support restructuring

Luxury retail group Saks Global has unlocked 500 million dollars of funding to support operations and transformation plans under its ongoing bankruptcy process. The financing is an initial tranche of a 1.75 million dollar committed capital the company secured when it filed for Chapter 11 protection with a Texas court last week. Saks said the...

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Saks Global: Millions owed to Chanel, Kering, LVMH, and more

Saks Global’s journey to eventual bankruptcy had been heavily speculated by industry insiders for months. Suspicions were then confirmed Wednesday, when the US retail giant officially filed for Chapter 11 protection in a Texas bankruptcy court, where documents have revealed the extent of financial challenges faced by the company. In its filing,...

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Saks Global: Court approves 400 million dollar financing, despite Amazon objection

Saks Global has received preliminary approval for 400 million dollars in new funding from a US bankruptcy judge. The capital is part of a 1.75 billion dollar financing commitment secured by the group in association with its Chapter 11 proceedings, initiated with a Texas bankruptcy court. Judge Alfredo Perez approved of the funding despite...

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Brunello Cucinelli backs new Saks Global leadership amid Chapter 11 filing

While attending the second day of Pitti Uomo in Florence, following what he described as a "very, very interesting" opening, Brunello Cucinelli shared his enthusiasm for the leadership transition at the newly formed Saks Global. "We were delighted to learn this morning that our highly esteemed Geoffroy van Raemdonck has been appointed CEO of...

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Saks files for bankruptcy protection, Geoffroy van Raemdonck appointed CEO

Saks Global has officially succumbed to bankruptcy. The US luxury retail group has commenced voluntary chapter 11 proceedings in the US Bankruptcy Court for the Southern District of Texas. The company, which owns Saks Fifth Avenue, Saks Off 5th, Bergdorf Goodman and Neiman Marcus, has said its stores will remain open for now. The filing intends...

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Richard Baker named CEO of Saks Global as Marc Metrick steps down

The rumors surrounding a potential CEO exit at Saks Global have been confirmed. Richard Baker, the company’s Executive Chairman, has assumed the role of Chief Executive Officer while retaining his chairman duties, the company announced on Friday. Marc Metrick, who had led the luxury retail group as CEO, is stepping down after nearly three...

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Saks Global CEO reportedly due to step down

Marc Metrick, the chief executive officer of luxury retail group Saks Global, is believed to be preparing to exit the company. This is according to multiple sources for Puck News, which noted that Metrick had declined to comment on the matter. A source close to Saks Global told Puck that Metrick currently remains employed by the company. If...

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Bloomberg: Saks Global faces potential Chapter 11 bankruptcy filing

Saks Global, the parent company of luxury department store Saks Fifth Avenue, is considering filing for Chapter 11 bankruptcy in the US. This move is being considered a last resort amid growing financial difficulties, according to reports from Reuters and Bloomberg News. The potential filing comes as the company grapples with high debt and...

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Saks Off 5th to close select locations in 2026

Luxury retail group Saks Global has confirmed plans to close select locations among its Saks Off 5th portfolio. The decision comes as part of a wider review underway at the business, which is shuffling its structure both among its retail network and its leadership in an effort to improve financial performance. In a statement to FashionUnited, a...