Amazon’s investment in Saks Global will become worthless if the department store chain goes ahead with the planned protective proceedings. The e-commerce giant is therefore threatening to take “measures.”
Rescue plan at the expense of creditors
When Hudson’s Bay Company (HBC), the owner of Saks Fifth Avenue, acquired industry peer Neiman Marcus in the summer of 2024 to form the Saks Global department store group, it did so with financial support from Amazon, which ultimately invested $475 million in preferred shares in the company. That investment was made as part of a commercial agreement between the two companies to sell Saks products on Amazon’s website under the name “Saks at Amazon.”
