Saks’ Luxury Powerhouse Project Blew Up in One Year
The bankrupt retailer’s bonds are almost worthless and it owes millions to suppliers
This article is for subscribers only.
Welcome to The Brink. I’m Luca Casiraghi, reporting from Milan, where I followed Saks and its rapid collapse into bankruptcy. We also have news on Tricolor, Liquid Telecom and Ssense. Follow this link to subscribe. Send us feedback and tips at debtnews@bloomberg.net.
In a stunning fall from grace, Saks Global filed for bankruptcy this week, just a year after borrowing $2.2 billion to acquire rival Neiman Marcus in what was supposed to create a luxury retail powerhouse.