There has been rumblings that Saks Fifth Avenue has been nearing bankruptcy for the last few months, but WSJ is now reporting that Saks is preparing for bankruptcy after missing a debt payment. This is significant as many readers hold Saks Fifth Avenue gift cards and have credits from the American Express platinum card.
Stock isn’t good at the moment as many vendors are withholding merchandise due to unpaid invoices. I’d advise using any credits and gift cards ASAP.
