Vince monitoring Saks Global ‘on a minute-by-minute basis’

Core Insights - Vince Holdings is closely monitoring the financial situation of Saks Global, which constitutes 7% of its business, following speculation of bankruptcy due to missed debt payments [1][3]. Group 1: Financial Performance - Vince reported a 5.3% increase in holiday sales, primarily driven by nearly 10% growth in direct-to-consumer (DTC) sales, while wholesale sales declined by 2.7% during the nine-week period ending January 3 [2]. Group 2: Saks Global's Challenges - Saks Global has been struggling to pay vendors since its acquisition of Neiman Marcus, leading to deteriorating relationships and difficulties in obtaining inventory [3]. - S&P Global Ratings downgraded Saks Global to "selective default" due to missed interest payments, with analysts doubting the company's ability to make payments within the 30-day grace period [3]. - The company has recently replaced its CEO, Marc Metrick, with Executive Chairman Richard Baker, who may need to step down as part of bankruptcy funding requirements [4]. - Saks Global has already lost market share and executives to competitors like Nordstrom and Bloomingdale's in the lead-up to a potential bankruptcy [4].