Big losses for Chanel, Kering and LVMH after bankruptcy of Saks
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Saks Global, parent company of Saks Fifth Avenue, filed for bankruptcy, marking a significant event in luxury retail. The company reported assets and liabilities between $1bn and $10bn. A $1.75bn rescue plan is in development, including a $1bn emergency loan. The bankruptcy impacts luxury brands like Chanel, Kering, and LVMH, with substantial unsecured creditor claims. This situation underscores the challenges faced by traditional department stores amid a shift towards direct-to-consumer sales.
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