Inside the Saks bankruptcy and what it reveals about fashion retail

A shopper exits the Saks Fifth Avenue flagship store, after the store filed for bankruptcy protection, in New York City. Photo: Reuters

On Wednesday (Jan 14) Saks Global, the parent company of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman and the largest luxury department store group in the US, filed for bankruptcy protection.

Though it had been expected for a few months, the news still sent shock waves through the fashion industry.