Saks Global declares bankruptcy after Neiman Marcus acquisition leads to financial collapse

• Saks Global listed assets and liabilities worth between $1 billion and $10 billion
• Among the largest unsecured creditors are luxury brands such as Chanel and Kering, owner of Gucci.
• Saks finalises $1.75bn package to keep shops open
• Former Neiman van Raemdonck boss named new CEO; Richard Baker exits
• The iconic brand’s decline culminates with Tuesday’s bankruptcy filing

Reuters. P.S: the share of department stores in the US has fallen from over 14% in 1990 to less than 3% in 2024 (-78%). The example of Sears is interesting.