https://www.cnbc.com/2026/01/15/amazon-says-saks-investment-is-worthless-after-bankruptcy.html
When Saks acquired Neiman Marcus for $2.7 billion in December 2024, Amazon invested $475 million into the venture on the grounds the retailer would start selling its products on Amazon’s website and the tech company would offer technology and logistics expertise.
“That equity investment is now presumptively worthless,” Amazon’s attorneys wrote in a Wednesday filing, hours after Saks filed for Chapter 11 bankruptcy protection. “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.”
As part of the deal, Saks launched a branded “Saks at Amazon” storefront on the e-commerce company’s website featuring a range of luxury fashion and beauty items. It also agreed to pay a referral fee for Saks-branded goods sold on the platform, guaranteeing at least $900 million in payments to Amazon over eight years.
Amazon threatens ‘drastic’ action after Saks bankruptcy, says $475M stake is now worthless.
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Oh, poor Amazon. We all feel terrible for you.
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