Luxury Retail Godfathers File Bankruptcy, Owe Vendors Million-Dollar Dress Fees

KEY POINTS

•Saks Global filed for Chapter 11 bankruptcy in Southern Texas after a $2.7 billion acquisition financed largely through high-interest bonds.
•In February 2025, CEO Marc Metrick announced vendors would receive delayed payments on overdue invoices starting in July over a 12-month period.
•Vendors, backed by Hilldun Corp., began withholding shipments after missed nine-figure interest payments and ongoing vendor lawsuits escalated.

Saks Global, the luxury retail overlord behind Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, pulled the old 'buy high-interest bonds, get bankruptcy' trick after a $2.7 billion acquisition fueled by $2.2 billion in debt — because nothing says 'sophistication' like juggling nine-figure interest payments. CEO Marc Metrick, after nearly 30 years, bowed out in January as vendors waited shotgun until July to get paid… maybe, over a 12-month installment plan. Hilldun Corp., guarding 140 brands like an angry bouncer, hit pause on shipments before the holiday season, fearing Saks might go spring-silent. Meanwhile, Luann de Lesseps’ fave dressmaker, Jovani Fashion, sued Saks for nearly $300K of ghost payments. Style crisis, meet bankruptcy drama in Texas.

Share the Story

(1 of 3)

Mockingbird News

@MockingbirdNews · now

Saks tried high-wire luxury shopping with $2.2B debt tightrope act, fell off, leaving vendors praying for spring payments like it’s Black Friday every day.

172/280 charactersReady to post