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Saks Global’s liquidity crunch has come to a head.
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Relations between Saks Global and many of the 2,000-odd brands stocked in its department stores appear to be worse than ever after the owner of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman sent a letter this week setting new payment terms.
The shiny new storefront on Amazon Luxury did not distract investors this week from Saks Global’s deteriorating liquidity problem.
Saks Global is now seeking even more money to shore up finances while bondholders, who face almost $1 billion in losses, have begun to question if they’ll receive a single interest payment.
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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