""There will be a lot of hardship for those brands," Gary Wassner, the CEO of Hilldun Corp., which acts as a guarantor or insurer for brands, told Business Insider about independent designers who aren't part of a big conglomerate or use factoring firms, like Hilldun."
""In some cases, smaller brands, 40% or 50% of their business is done with Saks Global, so you can imagine what it's doing to those companies," said Wassner, whose firm represents about 140 brands that sell to Saks."
"Documents filed by Saks Global in federal Texas bankruptcy court show the retailer owes its 30 largest unsecured creditors more than $700 million."
Saks Global filed for Chapter 11 bankruptcy protection and owes hundreds of millions to luxury brands and tech companies. The retailer's filings show more than $700 million owed to its 30 largest unsecured creditors, including Chanel, LVMH, Christian Louboutin, Burberry, Google and Meta. Unsecured creditors rank behind secured lenders and other priority claimants, making recoveries uncertain. Saks Global said it expects to pay for future goods shipped during the restructuring. Industry guarantors warn of significant hardship for independent designers. Hilldun represents about 140 brands that sell to Saks, and some smaller labels depend on the retailer for 40–50% of their business.
Read at Business Insider
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