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Legendary Luxury Retailer Saks Seeks Restructuring Amid Financial Struggles

Legendary Luxury Retailer Saks Seeks Restructuring Amid Financial Struggles

Author:

Global Cryptocurrency

Published:

2026-01-14 18:37:02

15

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BTCCSquare news:

Saks Global Enterprises, encompassing iconic brands like Saks Fifth Avenue and Neiman Marcus, filed for Chapter 11 bankruptcy protection. The MOVE follows persistent challenges in the luxury retail sector, with the company reporting a $77 million loss and a 13% year-over-year sales decline in Q2 2025.

Former Neiman Marcus CEO Geoffroy van Raemdonck will lead the restructuring, aiming to preserve store operations while reallocating resources to areas with "long-term potential." The bankruptcy marks another attempt to revitalize the struggling retailer after previous acquisitions and organizational overhauls failed to stem losses.

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