Industry insiders speculated for months about the impending bankruptcy of Saks Global. These suspicions were confirmed on Wednesday when the US retail giant officially filed for Chapter 11 bankruptcy protection in a Texas bankruptcy court. The documents filed reveal the extent of the company’s financial difficulties.
In its filing, Saks Global estimated its liabilities at between $1 billion and $10 billion. The number of creditors is therefore between 10,001 and 25,000. The bankruptcy undoubtedly creates uncertainty for smaller brands that work with the group’s retailers. At the same time, Saks owes significant amounts of money to major players in the fashion and cosmetics industries.
The company had to list the 30 creditors with the largest claims in the court documents. The following companies from the fashion industry are affected:
- Chanel: $136 million
- Kering: $59.9 million
- Rose-X: $41.4 million
- Capri Holdings: $33.3 million
- Mayhoola: $33.2 million
- Richemont: $30 million
- Ermenegildo Zegna: $26.3 million
- LVMH: $26 million
- Akris: $23.1 million
- Christian Louboutin: $21.6 million
- Brunello Cucinelli: $21.3 million
- G-III Apparel Group: $16.7 million
- Puig Brands: twelve million US dollars
- David Yurman: $11.5 million
- BH Multi Com: $11.2 million
- S Rothschild and Company: $10.8 million
- Giorgio Armani: $10.8 million
- Roberto Coin: $9.8 million
- Sisley: $9.6 million
- Burberry Group: $9.5 million
- Centric Brands: $9.2 million
- Vince Holding Corp.: nine million US dollars
This article was created using digital tools translated.
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