#saks-global

#saks-global

That equity investment is now presumptively worthless after Saks continuously failed to meet its budgets, burned through hundreds of millions of dollars in less than a year, and ran up additional hundreds of millions of dollars in unpaid invoices owed to its retail partners," Amazon's attorneys wrote in a court filing on Wednesday, just hours after Saks Global filed for Chapter 11 with a $1.75 billion financing package.

This week's staff cuts at Saks Global focus on reducing duplicative and overlapping roles resulting from the $2.7 billion acquisition of the Neiman Marcus Group.