Chanel, Kering lead Saks Global’s top creditors
French luxury giant Chanel and Gucci owner Kering are the largest unsecured creditors of bankrupt U.S. department store Saks Global, with claims of $136 million and $60 million, respectively, according to court documents.
Saks Global, which owns Saks Fifth Avenue, Bergdorf Goodman, and Neiman Marcus, filed for bankruptcy on Tuesday, owing about $3.4 billion in total. The top 30 unsecured creditors hold claims worth $712 million, including luxury names like Valentino-owner Mayhoola, Richemont, LVMH, Zegna, Brunello Cucinelli, and Burberry, alongside tech firms Meta and Alphabet, News.Az reports, citing Reuters.
The amount owed to each brand depends on whether Saks Global operates a wholesale or concession model for their products. Months of inventory and debt challenges led to delayed payments, management reshuffles, and the bankruptcy filing.
Richard Baker, Saks Global’s executive chairman and CEO, resigned and will be replaced by former Neiman Marcus CEO Geoffroy van Raemdonck. Luxury brands, including Brunello Cucinelli and Zegna, expressed confidence in Saks Global’s future under new leadership, while Kering and Chanel declined to comment.
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