Saks Global Files for Bankruptcy

“It’s the only way to counter the growing power of brands, which now compete directly with department stores, he said. The deal’s cost savings were expected to total $600 million, and the company was on track to deliver about half of those savings in the first year, well ahead of target.”

“'In retrospect, would we have been better off not sending $300 million to Canada?' 'Yes. But that was a very valuable business for us in Canada and it was logical to support it.'”

“'Richard’s intentions were good,' but the headwinds for department stores are tough.”

“'To that end, we are looking forward to seeing the flow of merchandise return to normal levels.'”

“'They kept missing their own deadlines. Then they’d say we needed to have faith in them. But we couldn’t keep blindly trusting them.'”

“'It was a ping-pong ball: We’d get an answer from one person to talk to someone else in another department.'”

“'In most chapter 11 situations, they’ll only get paid a fraction of what they’re owed.'”

“'They didn’t have the ‘wow’ pieces.'”

“'It expects Saks Global to 'emerge stronger and continue to be a core partner for the sector.'”