00:00Saks Global, the luxury retailer comprising Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman,
00:06is struggling to rebound after a $2.7 billion merger last year.
00:12In June, year-over-year sales declined by 28% at Saks and 26% at Neiman Marcus,
00:18while rivals Bloomingdale's and Nordstrom saw approximately 10% growth.
00:23The company has cut hundreds of jobs and delayed payments to vendors amidst liquidity concerns.
00:29Although Saks Global claims to have repaired relationships with suppliers and has no plans to close stores,
00:36experts remain skeptical about its long-term viability in the competitive luxury market.
