Luxury department store chain Saks Fifth Avenue has gone bankrupt in the US.
Saks Fifth Avenue, a leading player in the global luxury goods market, has gone bankrupt. Global Saks, which operates the Saks Fifth Avenue chain (42 stores), the luxury retail chain Neiman Marcus (36 stores), Bergdorf Goodman (2 stores), and the online home goods retailer Horchow, has filed for bankruptcy.
Under US law, a bankrupt company will be subject to restructuring proceedings, protected from creditors, for 45 days. After that, it will either resume operations in some reduced capacity or be liquidated.
Major shoe manufacturers are among Saks Fifth Avenue's unsecured creditors, including Christian Louboutin (owed $21.6 million), Capri Holdings, which owns the Jimmy Choo brand (owed $33,3 million), Chanel (owed $136 million), and luxury conglomerate Kering, which owns Gucci, Balenciaga, Saint Laurent, and other brands (owed $59,9 million). In total, approximately 10000 creditors have been listed.
In its statement, the company stated that its assets and liabilities range from $1 billion to $10 billion, but these figures are subject to change. The retailer's debt includes $2,2 billion in bonds that Saks used to purchase Neiman Marcus—a deal completed just a year ago that became a major factor in the financial collapse of the entire business. Furthermore, this summer, Saks assumed $600 million in debt during a refinancing.
The bankrupt company employs 16,830 people, 14,610 of whom are full-time and 2200 are part-time.
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