The collapse of New York department store giant Saks has left some of Australia’s biggest fashion labels from Camilla to Aje millions of dollars out of pocket and underlined the challenges facing local retailers Myer and David Jones as they try to turn around their businesses.
The decision by Saks Global – the parent company of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman – to file for bankruptcy in a Texas court last week comes amid sustained pressure on department stores globally as brands increasingly sell direct to consumers and competition intensifies from online-only retailers.
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