Amazon Calls Its Saks Global Investment 'Worthless'

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Amazon Calls Its Saks Global Investment 'Worthless'

dealbreaker

5 months ago

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Amazon owns just over a 23% stake in Saks Global, and is now battling the company in bankruptcy court. Amazon called out its $475 million of preferred equity in Saks Global in filings on Wednesday. "That equity investment is now presumptively worthless after Saks continuously failed to meet its budgets, burned through hundreds of millions of dollars in less than a year and ran up additional hundreds of millions of dollars in unpaid invoices owed to its retail partners," Amazon said.Amazon says i...

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