Sophia Hwang-Judiesch, who took the helm of the storied department story in September, is looking to find the sweet spot between leveraging new growth prospects and revamping brick-and-mortar.
The owner of Saks Fifth Avenue dropped plans to raise up to $900 million in debt after prospective investors requested a higher interest rate than the company was willing to pay, sources said.
The retailer is responding to a lawsuit from its lenders that called its reorganisation a “corporate shell game.”
The retailer will become the first major US department store to succumb to Covid-19's economic fallout, sources say.
This week, the CEO of Saks owner Hudson’s Bay Company steps down, as does the CEO of Printemps.