Amazon, Chanel, LVMH and Brookfield Properties Retail are among the companies included in a 10-member creditor committee that has been set up by the U.S. Trustee’s Office in the Department of Justice to weigh in on the Saks Global bankruptcy.
Creditor committees are regularly appointed by the DOJ in large bankruptcies to give vendors, landlords and other stakeholders a voice in how restructuring unfolds.
Saks Global currently has 113 debtors awaiting payment of some kind, but those on the committee represent the largest. Other companies appointed to the committee include a labor union representing Saks store workers, Italian fashion house Ermenegildo Zegna, Kering Americas and fashion brand Rosen-X.
Chanel was by far the hardest hit by the bankruptcy, with $136 million in outstanding claims against the company. Kering is owed $59.9 million, Rosen-X $41.4 million, Capri Holdings (which is not on the committee) is owed $33.3 million, and Ermenegildo Zegna Group is owed $26.3 million, according to court filings.
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Amazon, while not at the top of the list of debtors, already has challenged Saks Global’s restructuring plan because it says the current plan will make its equity investment in the business “presumptively worthless.” The online retailer became a minority stakeholder in Saks Global in 2024 with a $475 million investment that helped facilitate Saks’ acquisition of Neiman Marcus.
“Saks Global has long been a key strategic partner for the luxury sector and for the Ermenegildo Zegna Group’s three brands: Zegna, Tom Ford Fashion and Thom Browne,” said the company in comments shared with WWD. “We expect that, following these challenging moments and under the vision and leadership of its new management team, Saks Global will emerge stronger and continue to be a core partner for the sector and for our brands in the U.S. market.”
