Overview
- A Houston bankruptcy judge approved an initial $400 million debtor-in-possession draw for Saks Global after a first-day hearing, with further financing approvals still pending.
- Amazon, which invested $475 million in preferred equity tied to a "Saks at Amazon" agreement with a $900 million guarantee, told the court its stake is presumptively worthless and said it may seek an examiner or trustee.
- Company filings attribute the collapse to heavy debt from the 2024 Neiman Marcus deal, which triggered liquidity shortfalls, delayed vendor payments, and inventory gaps that hurt sales.
- Saks says stores remain open and it will continue payroll and go-forward vendor payments supported by roughly $1.75 billion in restructuring financing.
- The Chapter 11 filing lists about $3.4 billion in claims owed to up to 25,000 creditors, and van Raemdonck is assessing the footprint and reorganization path.