Saks just needed to turn things around, or that was the narrative. Acquiring struggling competitor Neiman Marcus was going to be the recipe for becoming a luxury powerhouse with enough scale to cut costs and boost profitability. The story has unraveled in debt on the verge of collapse, 3% reduction of its total work force, the closure of its iconic 45-year-old San Francisco Flagship, an Amazon pop-up, and now the slashing of 600 vendors. Last summer, Saks Fifth Avenue did a rationalization of its emerging beauty assortment, leaving many brands up in arms as they discovered they had been delisted and left chasing unpaid invoices that were months old. In a Valentine's memo to vendors, the retailer announced it would pay for new orders within 90 days of receipt, and that all past-due payments would be paid in 12 installments starting in July. Marc Metrick, CEO of Saks Global, wrote, “Our expectation is that this provides the clarity and certainty you have been seeking. To that end, we are looking forward to seeing the flow of merchandise return to normal levels.”Now, Saks reveals a brand cleanup through the lens of streamlining assortments and doubling down on curated, high‑margin partnerships, which will result in cutting 500-600 brands—a roughly 25% reduction.Richard Kestenbaum, Partner at Triangle Capital, said of the retailer's situation, "One thing is certain: Saks needs more capital to operate normally. Unless you're a lender or an insider at Saks, the situation is opaque.