Saks Global to shutter 15 more department stores in bankruptcy restructuring
Read full article: Saks Global to shutter 15 more department stores in bankruptcy restructuringThe parent company of Saks Fifth Avenue and Neiman Marcus is closing more of its department stores as it focuses on its most profitable businesses and trims debt during its Chapter 11 bankruptcy restructuring.
Dollars & Sense: Another big retail fail
Read full article: Dollars & Sense: Another big retail failOver the past decade, dozens of household-name retailers have either collapsed entirely or retreated into a fraction of their former selves. Some liquidated. Others tried – and sometimes failed – to reorganize in bankruptcy. Do any of these names sound familiar?
Luxury retailer Saks seeks bankruptcy protection overwhelmed by debt
Read full article: Luxury retailer Saks seeks bankruptcy protection overwhelmed by debtLuxury retailer Saks Global has filed for bankruptcy, preparing to reposition itself after obtaining about $1.75 billion in financing commitments.
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Alaska Native group, Neiman Marcus settle lawsuit over coat
Read full article: Alaska Native group, Neiman Marcus settle lawsuit over coatAn Alaska Native cultural organization and the luxury department store Neiman Marcus have settled a lawsuit over the sale of a coat with a copyrighted, geometric design borrowed from indigenous culture. The lawsuit says Neiman Marcus violated the federal Indian Arts and Crafts Act requiring that products marketed as “Indian” are actually made by Indigenous people. Neither Neiman Marcus nor its Alaska-based attorneys in the lawsuit immediately responded to emails from The Associated Press seeking comment. Sealaska said the Neiman Marcus robe violates the copyright of Clarissa Rizal, a master weaver who created the Ravenstail robe in 1996. “So, in the future, some things may be seen as a result of the settlement.”__This story corrects the spelling of Neiman Marcus.