Suppliers Halt Shipments After Saks Global Faces Selective Default

Major apparel brands are halting inventory shipments to Saks Global following a selective default rating from S&P Global and a missed 100 million dollar payment.Hilldun Corporation CEO Gary Wassner advised over 100 clients to withhold orders as the retailer has reportedly failed to make payments since mid-December.The crisis deepened after Richard Baker took over as CEO from Marc Metrick amid mounting lawsuits from creditors like Off White and Criteo.