Saks Global Files for Bankruptcy, Cuts Stores

0:00Reporting from the Daily News Now, I'm Corey, with the latest in Durham, SOT's global file for Chapter 11 bankruptcy on January 14 due to serious cash shortages that made it hard to pay bills and stock up for. Customers The trouble stem partly from $2,200,000 in debt, taken on to buy Neiman Marcus. As part of the process, the company is shutting down a bunch of stores to cut costs and restructure. Earlier a report showed plans to close 8 SACs Fifth Avenue spots, one Neiman Marcus store, all five Neiman Marcus last-call locations, and 57 out of 69 SACs off 5th shops. Now they've announced even more closures, including 12 SACs global stores, and three Neiman Marcus locations. After all this, just 13 SACs Fifth Avenue stores, and 32 Neiman Marcus stores will stay open. Vendors saw this coming after months of lay payments in 2025, which signaled ongoing money woes. Landlords and creditors are negotiating deals to keep some operations going,

1:03like tweaking leases or swapping debt for ownership stakes. Experts say the company's valuable real estate could be key, maybe, through selling properties and leasing them back for quick cash. Meanwhile, big brands like Burberry and those from LVMH and Caring are still shipping goods, betting on SACs global's recovering. To make it through, the retailer needs to attract more everyday shoppers beyond just luxury buyers. This story is made possible by our sponsor. See the episode description. Headphones in a pillow. Once you try it, it just makes sense. S-O-L-I-SOLYPILO.COM.