Saks Global To Wind Down Amazon Partnership Amid Chapter 11 Restructuring
Bankrupt retailer Saks Global is ending its partnership with Amazon to prioritize high-growth areas. The move follows a court dispute over collateralized assets.
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Saks Global is ending its Saks on Amazon storefront partnership and will wind down the digital storefront. The retailer, which filed for Chapter 11 bankruptcy earlier this month, stated that the decision allows it to focus on segments of its business that it believes will spur more growth. The move marks a significant shift for the company as it navigates its restructuring process.
The partnership was originally established following a $475 million investment by Amazon.com, Inc. into the retailer's business in 2024. Under the commercial arrangement, Saks was expected to sell products on the Amazon.com, Inc.platform while adhering to a contractual payment schedule. This agreement required Saks to pay the tech giant at least $900 million over an eight-year period.
