The drama has put executive chairman Richard Baker back in the spotlight, along with his well-documented taste for bold real-estate-style bets in retail. Some have paid off, others have ended in bankruptcy filings and shuttered chains—and critics are now adding the Saks–Neiman deal in the messy column. Moody's had already flagged the acquisition loans as highly risky and doubted the combined company from day one.
According to Bloomberg, the plan was to revive Saks, Neiman Marcus and Bergdorf Goodman by cutting costs, upgrading tech and squeezing better terms from vendors. Instead, vendors began slowing shipments after Saks fell behind on payments, then stunned suppliers further by asking to stretch past-due bills over a year—an awkward move for a so-called luxury retailer.
Other Items From The Bankruptcy Block
First Brands Group launched a sale process as part of an effort to emerge from its multibillion-dollar Chapter 11 bankruptcy.
Taste of Belgium has put itself on a financial diet, filing for Chapter 11 bankruptcy protection in what it says is a move to keep the waffles coming—not to shut down the kitchen. The restaurant group, which has already closed eight locations in recent years, including its original spot, will continue operating at least three restaurants. Founder Jean-François Flechet stressed that the filing is about survival, not surrender, pointing to lingering pandemic fallout, inflation, shifting dining habits and those ever-painful delivery app fees.
Updates From The Block
Soho House's
