Agenda-setting intelligence, analysis and advice for the global fashion community.
After months of speculation, Saks Global — the parent of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman — filed for Chapter 11 bankruptcy protection Wednesday.
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The Chapter 11 filing comes just over a year after the retailer acquired Neiman Marcus and Bergdorf Goodman. The combined company struggled almost from the start amid sinking sales and fraught relations with vendors and creditors.
BoF Senior Correspondent Sheena Butler-Young and Retail Editor Cathleen Chen discuss the ongoing struggle of American department stores to remain relevant and what lessons they might learn from their European counterparts.
Matches is plotting yet another reboot, Ssense has a restructuring lifeline and an interest payment looms for Saks. Together, they signal an industry in crisis, but hope springs eternal.
Cathaleen Chen is Retail Editor at The Business of Fashion. She is based in New York and drives BoF’s coverage of the retail and direct-to-consumer sectors.
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