Lupo Quoted on Vendor Repayment Concerns During Saks Bankruptcy
New York Post
Chairman Anthony V. Lupo was quoted on fashion labels and brands withholding new merchandise amid the Saks Global bankruptcy and recent court battle for a debtor-in-possession loan.
Meanwhile, Saks competitor Bloomingdales has seen a jump in sales in the most recent quarter.
Tony said, “A lot of my clients are shipping greater amounts to Bloomingdales than ever before.”
Many of those same vendors haven’t been paid for goods shipped to Saks Global more than a year ago and are demanding “critical vendor” status to guarantee repayment of some or all of their pre-bankruptcy debt.
“There are vendors who won’t ship at all right now and others want some cash on delivery,” Tony added.
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