In late 2024, Saks Global executive chair and controlling shareholder Richard Baker, a real estate scion, landed his dream trophy in Neiman Marcus (which also owned Bergdorf), achieving his long-held ambition to combine the U.S.'s fanciest luxury department stores into one company. To pull this off, Saks Global borrowed $2.7 billion, an untenable debt load that has put the company on the precipice of a bankruptcy protection filing, or at least a major refinancing.
Retail is a tough industry where top brands post massive revenue figures, employ hundreds of thousands of people, and chase relatively tight profit margins. And while retail CEOs don't usually see the same rockstar treatment that tech execs enjoy, they are still in high demand. Leaders of these large retail chains are often paid eight-figure compensation packages for managing this complexity, based on Business Insider's analysis of proxy filings over the past year.
Research by the Association of International Retail (AIR) and Global Blue shows that spending by non-EU visitors to the UK is stuck at just 75 per cent of pre-pandemic levels since the Conservatives axed the VAT exemption in 2021. By contrast, continental Europe has seen record surges in tourist spending. Visitors' outlays are up 166 per cent in Spain, 159 per cent in France and 137 per cent in Italy compared with pre-Covid levels.
Forever 21's decision to close its stores signals a significant shift in the fast-fashion landscape, exacerbated by competition from online retailers and recent economic challenges.
