Core Viewpoint - American Express cardholders and other shoppers are rushing to use store credits and gift cards at Saks Fifth Avenue due to concerns over the retailer's potential bankruptcy restructuring, which may affect the validity of gift cards [1][2]. Group 1: Consumer Behavior - Customers, including those with American Express Platinum cards, are anxious about the future of Saks and are trying to spend their gift cards quickly [2]. - A travel content creator highlighted the urgency among consumers to cash out gift cards, reflecting widespread concern within her community [3]. Group 2: Retailer Situation - Saks Fifth Avenue is facing potential bankruptcy, which raises questions about whether it will honor gift cards after filing for Chapter 11 [1][4]. - The retailer has incentives to protect its brand and may attempt to favor customers in bankruptcy court, but the final decision lies with the courts [3]. Group 3: Expert Opinions - A bankruptcy expert noted that there is a high probability Saks will honor gift cards during bankruptcy proceedings, but the uncertainty leads consumers to use their cards now [4]. - Historical examples of retail bankruptcies show varied approaches to gift card policies, indicating that consumer caution is warranted [4].

Core Viewpoint - Saks Global is facing a potential bankruptcy, which could have significant repercussions for many fashion brands that rely on it as a major customer, with some brands potentially facing their own bankruptcy if Saks fails to pay its debts [1][2][10]. Financial Situation - Saks Global has reportedly missed a more than $100 million interest payment and is in a precarious financial position, with industry experts suggesting that bankruptcy is likely imminent [4][11]. - The company is believed to be in a 30-day grace period after missing its interest payment, with predictions that a bankruptcy filing could occur around the first week of February [11][12]. Impact on Vendors and Brands - Many fashion brands, referred to as "bread and butter brands," are heavily dependent on Saks Global, and if it goes bankrupt, they may only receive 5 to 10 cents on the dollar for their claims [1][2]. - Lawsuits for nonpayment from various vendors indicate the growing financial strain on Saks Global, with brands expressing frustration over lack of communication and unfulfilled promises [3][13]. Operational Challenges - Saks Global's inventory levels are reported to be very low, which is exacerbating its operational challenges and affecting its ability to maintain stable sales [11][13]. - The company needs to address its capital structure and operational issues to survive, as it relies heavily on the brands it sells [13]. Industry Context - The potential bankruptcy of Saks Global is seen as a significant event in the retail industry, especially following the bankruptcies of Barneys New York in 2019 and Neiman Marcus Group in 2020, which have already impacted the luxury fashion sector [6][10]. - The situation raises questions about the viability of department stores in the current retail landscape, with competitors like Nordstrom and Bloomingdale's potentially poised to capitalize on Saks Global's struggles [8].

Core Viewpoint - Luminar is facing challenges in retrieving company-owned devices from its founder and former CEO Austin Russell, which may impact potential legal actions against him [1][2][8]. Group 1: Legal and Compliance Issues - Luminar has been attempting to reclaim devices from Russell since his resignation in May, recovering six computers but still seeking his company-issued phone and a digital copy of his personal phone [2]. - The company has accused Russell and his employees of misleading legal representatives about his location, prompting them to seek court permission to serve him via mail or email [3][8]. - Russell has claimed cooperation and requested assurances regarding the protection of personal data from his devices, but Luminar's lawyers have stated they will follow court-established processes for data handling protections [4][12]. Group 2: Bankruptcy Proceedings - The emergency filing marks a significant development in Luminar's Chapter 11 bankruptcy case, as the company is trying to sell its semiconductor subsidiary to Quantum Computing, Inc., with a January 9 deadline for bids on its lidar division [5]. - Prior to the bankruptcy filing, Russell attempted to buy Luminar through his new venture, Russell AI Labs, and has expressed intentions to bid during the bankruptcy process [6]. Group 3: Investigative Actions - Following Russell's resignation, Luminar's board established a Special Investigation Committee to investigate potential claims related to Russell's actions, including personal loans [9][10]. - Legal representatives from Weil, Gotshal & Manges were engaged to collect Russell's devices, but faced challenges in confirming representation and direct communication with him [11][12].

Core Viewpoint - Saks Global is on the verge of filing for bankruptcy protection after missing a debt payment related to its acquisition of Neiman Marcus, leading to a leadership change with Richard Baker appointed as the new CEO while retaining his role as executive chairman [1][3]. Group 1: Leadership Changes - Richard Baker has been named the new CEO of Saks Global, taking over from Marc Metrick, who is leaving the company to pursue new opportunities [2]. - Baker emphasized the company's commitment to securing a strong future and leveraging its industry expertise and relationships within the luxury sector [2]. Group 2: Financial Challenges - Saks Global is preparing to file for bankruptcy protection due to financial difficulties stemming from a missed debt payment related to its 2024 acquisition of Neiman Marcus for $2.65 billion [3][4]. - The company has taken measures to improve its financial situation, including the sale of Neiman Marcus' Beverly Hills flagship and a debt restructuring in August 2025 [5]. Group 3: Company Background - Saks Global was formed in 2024 following the acquisition of Neiman Marcus, aiming to enhance competitiveness against other luxury retailers like Nordstrom and Macy's-owned Bloomingdale's [4]. - The acquisition expanded Saks Global's portfolio to include Saks Fifth Avenue, Saks Off 5th, Neiman Marcus, and Bergdorf Goodman [5][6].

Core Insights - The article discusses a case where an individual, Rachel, seeks financial advice after ending a five-year relationship that left her with multiple joint debts [1][3]. Financial Situation - Rachel has five shared financial obligations, including a house valued at approximately $130,000 with about $90,000 remaining on the mortgage, two vehicles with outstanding loans of around $30,000 and a similar balance for a car valued at $20,000, and personal loans totaling about $8,000 [4][5][6]. - Both parties are legally responsible for the debts, as they are tied to shared assets and loans [6]. Income and Living Changes - Rachel's income has recently shifted from an annual range of $60,000 to $65,000 to an expected increase of $80,000 to $85,000 [7]. - Following the breakup, Rachel moved out of the shared house to allow her former partner and his children to remain there, and both parties have discussed addressing their debts in the future [7].

Core Insights - The American high street experienced significant bankruptcies in 2025, affecting well-known brands like Rite Aid and Party City [1][2] Group 1: Bankruptcy Trends - A combination of rising debt and changing consumer habits led to the downfall of many household names, as inflation prompted shoppers to favor online retailers like Amazon and large stores like Target [2] - Forever 21 filed for bankruptcy for the second time in six years in March 2025, having previously declared bankruptcy in 2019 [3][4] - Rite Aid filed for bankruptcy in 2023 due to over $4 billion in debt, exacerbated by legal issues related to the opioid crisis, and filed again in May 2025 [8] Group 2: Company-Specific Details - Forever 21, once generating over $4 billion in annual revenue, struggled to adapt to changing consumer preferences and faced competition from brands like Shein and Temu [3][5] - Rite Aid, which peaked with over 5,000 locations, closed 500 stores to reduce debt but ultimately shut down its last 89 stores in October 2025, transferring millions of prescriptions to competitors [7][8]

Core Viewpoint - Saks Global is facing a critical moment with a $100 million interest payment due, essential for maintaining its $2.2 billion debt incurred from acquiring Neiman Marcus Group last year [1] Financial Situation - The company may have sufficient cash from recent sale-leaseback transactions for Neiman Marcus stores in Beverly Hills and San Francisco, but there are doubts about whether this money will reach bondholders [2] - Financial experts suggest that Saks Global might utilize these funds to navigate a potential bankruptcy filing, although there is a possibility of last-minute solutions like selling a stake in Bergdorf Goodman or additional real estate deals [3] Operational Status - Saks Global has entered into 99-year leases for the Neiman Marcus stores, indicating ongoing value in the business despite financial struggles [4] - The company is currently operational, but facing challenges; larger brands are performing well, while smaller vendors are hesitant to ship due to delayed payments, leading to insufficient inventory [6] Debt and Vendor Relations - Saks Global reportedly owes vendors between $500 million to $800 million, which is impacting its ability to stock stores adequately [6] - The company is under scrutiny as missing interest payments typically allow for a five-day grace period, followed by additional time to negotiate with bondholders [5]

Core Insights - Bankruptcies in the US are increasing significantly, with large corporate bankruptcies reaching the highest level in 15 years, indicating rising financial pressures on consumers and companies due to climbing costs and a tougher borrowing environment [1][6] Industry Overview - The current wave of bankruptcies is affecting a wide range of sectors, unlike previous downturns where failures were more concentrated within specific industries [2][4] - This unusual pattern of bankruptcies is described as a "broad smattering of industries," which is not typical according to industry experts [5] Major Corporate Bankruptcies - Notable corporate bankruptcies this year include Sonder, Spirit Airlines, Del Monte Foods, Claire's, and Omnicare, each reporting liabilities exceeding $1 billion, categorizing them among the largest bankruptcies of 2025 [7]

Core Insights - The arts and crafts supply retail sector has experienced significant store closures over the past five years due to various factors, including ownership retirements and financial distress [1] - Joann filed for Chapter 11 bankruptcy in January 2025 for the second time, leading to the closure of approximately 815 stores due to declining sales and inventory challenges [2] - The closure of Joann's stores had a detrimental impact on suppliers like IG Design Group Americas Inc., which subsequently filed for Chapter 11 bankruptcy on July 3, 2025 [3][4] - Artist & Craftsman Supply, a 40-year-old retail chain, also filed for Chapter 11 bankruptcy to reorganize its business amid economic challenges and tight lending restrictions [5] - The parent company of Artist & Craftsman Supply, Artstock, reported assets and liabilities between $10 million and $50 million, with significant debts owed to various creditors [6] - Artist & Craftsman Supply was established in 1985, originally as a small art supply store, during a time when the arts and crafts retail industry was primarily composed of independent storefronts [7] - Catalog sales were a major competitor for the company in its early years, as internet sales were not prevalent until about a decade later [8]

A deal to sell more than 100 JCPenney stores is likely not going forward. A regulatory form filed on Monday, Dec. 22, from the trust that had been charged with selling the assets confirmed the development. In the filing on Dec. 22, Copper Property CTL Pass Through Trust said its previously announced sale with Onyx Partners, Ltd. of Boston, Massachusetts, did not close. The trust issued a notice to the buyer confirming that if it does not close the transaction by Dec. 26, the agreement will terminate. Wh ...