retail / Stores

The Florence-based luxury retailer, facing unpaid bills and a steep sales decline, seeks a 120-day reprieve under Italian insolvency law as it restructures operations and scales back expansion.

The retailer’s stock price soared 38 percent to close at $14.34 after a wild day of trading that saw the shares more than double at an intraday peak.

The $2.7 billion acquisition was intended to strengthen the department stores’ positions as luxury giants, but now both are struggling against competitors like Nordstrom and Bloomingdale’s.

The iconic ’90s retailer was on the precipice of death for years. Richard Dickson finally had momentum for a comeback — then came Trump.

A series of breaches at high-profile retailers like Victoria’s Secret and Marks & Spencer is putting cybersecurity back in the foreground. BoF examines what leaves fashion businesses vulnerable and how they can protect themselves.

The retailer now expects net sales to decline by a low single digit this year, down from previous guidance for an increase of about 1 percent.

A deal to secure $500 million in new financing may push out a reckoning. But falling sales, looming payments to vendors and creditors continue to dog the luxury retailer’s post-merger vision.

Saks Global is now seeking even more money to shore up finances while bondholders, who face almost $1 billion in losses, have begun to question if they’ll receive a single interest payment.