In October, Saks slashed its full-year financial outlook, citing falling sales in part because of inventory challenges.
Tensions with vendors have escalated since the 2024 merger with Neiman Marcus, which had been billed as a move to resolve the retailer’s cash flow problems.
Last February, Metrick, the company’s former chief executive, sent a letter to vendors saying overdue payments would be made in 12 instalments.
It did little to put brands at ease.
Some vendors have kept doing business with Saks for fear of fracturing a business relationship with a leading player in the luxury space.
Others have recently severed their ties with the company.
Finance firm Hilldun, which guarantees orders for about 130 brands that work with Saks, said in…