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Saks Global is set to end its partnership with Amazon.com and will close its dedicated storefront on the platform, according to reports by Reuters.
Sources told the outlet that the bankrupt retailer plans to wind down the Saks on Amazon operation to focus on business areas it expects will generate higher growth.
The partnership was formed in 2024 following a £475m investment by Amazon. The original eight-year agreement required Saks to pay the e-commerce company at least £900m.
Saks filed for Chapter 11 bankruptcy earlier this month. The retailer is now exercising its legal right to reject the contract as part of its financial restructuring.
The source reportedly told Reuters that the Saks on Amazon storefront “saw limited brand participation” and Saks feels it would be “better served driving traffic to Saks.com”.
In a statement provided to Reuters, an Amazon spokesperson said: “Beyond the Saks experience, the Amazon luxury store continues to offer a wide selection of high-end designer styles, and we’re adding more luxury brands regularly.”
Saks Global is currently undergoing a major corporate restructure following its January 13 bankruptcy filing and the appointment of Geoffroy van Raemdonck as chief executive.
Van Raemdonck, formerly the chief executive of Neiman Marcus, replaces Marc Metrick, who stepped down from the role on 2 January after 30 years with the company. The leadership shift comes as the group manages approximately £2.1bn in debt linked to its 2024 acquisition of the Neiman Marcus Group.
Saks Global has been contacted for comment.
