Burberry CEO says 'confident' in bankrupt Saks Global's leadership
Jan 21 (Reuters) - Burberry BRBY.L CEO Joshua Schulman said on Wednesday that the luxury brand was confident in the new leadership at Saks Global, but declined to comment on the British group's exposure to the high-end department store conglomerate's collapse.
"I am not going to comment specifically on our exposure as part of (Saks Global's) restructuring, but I would say it is early days with the new leadership team and we are confident in the leadership," Schulman told analysts on a post-results call.
Burberry is listed as an unsecured creditor at Saks Global, which filed for bankruptcy protection last week in one of the largest retail collapses since the pandemic.
The bankruptcy comes barely a year after Saks Global agreed to a deal intended to create a luxury powerhouse bringing Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus under the same roof.
"Saks Global is a very important customer of ours, but we also have other important customers in the market," Schulman said, adding that he was confident the new management will be able to restore the retail chain to its "rightful place in the luxury landscape."
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