Chanel and Gucci Lead Claims Against Bankrupt Saks Global

Luxury brands Chanel and Gucci top the list of creditors in the bankruptcy filing of U.S. department store chain Saks Global, which owes $3.4 billion. Major creditors include fashion heavyweights and tech companies. Saks Global's management changes aim to revitalize the struggling retail giant.

Chanel and Gucci hold the most significant claims in the recent bankruptcy filing by U.S. department store chain Saks Global, with claims amounting to $136 million and $60 million respectively. The filings, submitted on Tuesday, spotlight one of the largest retail chain collapses in recent years.

The financial turmoil at Saks Global, responsible for brands like Saks Fifth Avenue and Bergdorf Goodman, has left it $3.4 billion in debt. Major creditors, including renowned fashion brands and tech firms like Meta and Google, account for a combined total claim of $712 million. These liabilities reflect inventory and debt management challenges faced over the months.

With European luxury stocks showing stability, a reshaping in Saks Global's management sees Richard Baker stepping down to be replaced by Geoffroy van Raemdonck. Analysts suggest this change, along with luxury brands' goodwill towards continuing as strategic partners, marks a potential turnaround for Saks Global.

(With inputs from agencies.)