DALLAS – (WBAP/KLIF) -Luxury retailer giant Saks Global is reported headed toward bankruptcy; a move that will affect Neiman Marcus stores in Dallas and nationwide.
Saks Global is reported as missing a $100 million payment in late December, on $2.7 million in debt it took on to acquire Neiman Marcus and Bergdorf Goodman stores.. The merger coincided with a growing slump in demand for luxury goods.
Company brands include Neiman Marcus, Bergdorf Goodman, Saks 5th Avenue and Saks Off 55th. Reports assert Saks Global has been late on vendor payments, leaving stores short on some brands customers rely on. Revenues for the quarter ending August second were down 13 percent.
Saks Global, enacting several rounds of layoffs this year.
(Copyright, All Rights Reserved, WBAP/KLIF)
