S&P Downgrades Saks’ Credit Rating Following Financing Package Controversy Standard & Poor’s recent decision to downgrade Saks Fifth Avenue’s credit rating to CC, a substantial ten levels below investment grade, has sent shockwaves through the luxury retail industry. The move comes in response to the unveiling of a new financing package by the renowned retailer, […]
Saks Gets $600 Million Lifeline as Creditors Face Steep Losses
Saks Secures $600 Million Rescue Package Amidst Creditors’ Potential Losses Luxury retailer Saks Fifth Avenue has been navigating choppy financial waters, but a recent development has injected a ray of hope into its future. In a bold move to stave off potential losses, a group holding a slim majority of Saks’ $2.2 billion of 11 […]
Gucci Owner Kering in Talks to Sell Stake in $1 Billion Fifth Avenue Property, Sources Say
Gucci Owner Kering Considers Selling Stake in $1 Billion Fifth Avenue Property The Italian luxury conglomerate, Kering, known for its high-end fashion brands such as Gucci and Saint Laurent, is making waves in the business world once again. According to sources, Kering is in talks to sell a stake in a prestigious Fifth Avenue building […]
Saks Hires Kirkland & Ellis, PJT to Explore Financing Options
Saks Hires Kirkland & Ellis, PJT to Explore Financing Options Saks Fifth Avenue, a renowned luxury department store, has made a strategic move by enlisting the expertise of Kirkland & Ellis and PJT Partners to navigate through the complex world of financing. With economic pressures looming over the US retail sector, the decision to seek […]
High-End Department Store Retailer Saks Launches Amazon Storefront
Saks Fifth Avenue Expands Reach with Amazon Storefront Saks Fifth Avenue, the renowned high-end department store retailer, is making waves in the e-commerce world with its recent launch of an Amazon storefront. This strategic move allows the luxury retailer to reach a broader audience and offer its upscale products to online shoppers worldwide. One of […]
Saks Owner Hudson’s Bay to Begin Liquidating Most Stores on Monday
Saks Owner Hudson’s Bay Initiates Store Liquidation Process Amid Restructuring Efforts The retail industry has been facing unprecedented challenges in recent years, with the pandemic exacerbating the struggles of many traditional brick-and-mortar stores. The latest casualty in this evolving landscape is Hudson’s Bay, the owner of luxury department store Saks Fifth Avenue, which has been […]
Saks Needs to Earn Back Brands’ Trust
Saks Needs to Earn Back Brands’ Trust Relations between the owner of Saks, Neiman Marcus, and Bergdorf Goodman and its vendors are at an all-time low. But both sides need each other more than they’d like to admit. The world of luxury retail is built on relationships as much as it is on the products […]
Saks Wanted to Clear the Air With Brands. The Plan Backfired.
Saks’ Attempt to Reset Brand Relationships Leads to Backlash Relations between Saks Global and the myriad of brands filling the shelves of its department stores have hit a roadblock recently. The conglomerate, which owns luxury retailers Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, made an unexpected move by issuing a letter outlining revised payment […]