Coin’s relaunch saves 1,390 jobs, while the merger between Saks Fifth Avenue and Neiman Marcus costs 550 people theirs. The 10 million euro paid by Invitalia to become a 30.1% shareholder in Coin was decisive in launching a 43 million revitalization maneuver. In the U.S., the integration of the operations of the two department stores, now merged into Saks Global, caused “duplications” that the company wants to eliminate to save money.
Coin saves 1,390 jobs
Italian retail chain Coin is saved, as the debt restructuring agreement has been approved and will be submitted to the Court of Venice by April 28. The relaunch plan for the retailer specializing in clothing and home products is ready. The group has 34 direct stores and 130 stores in Italy and abroad, with a plan that includes a recapitalization: 10 million paid by Invitalia and 21.2 million from Marco Marchi’s Mia srl (Liu Jo and Eccellenze Italiane), with Sagitta (Europa Investimenti) of the Arrow group.
As well as smaller stakes from shareholders Red Navy (Stefano Beraldo of OVS), Joral Investment (Jonathan Kafri) and Hi-Dec Edizioni (Enzo De Gasperi). All this amounts to a capital increase of 33.2 million, as Corriere del Veneto specifies. To these 33.2 “are added others of a financial nature for an overall maneuver that will bring new liquidity of 43 million”, as stated in the notes of the Ministry of Enterprise and the Veneto Region.
Invitalia’s action
The plan was approved thanks to the endorsement of more than 330 creditors, thus enabling the minimum threshold of 60% of Coin’s debts to be reached. This action saved all 1,390 jobs. Invitalia’s entry into the company’s capital through the Fondo Salvaguardia Imprese supported the result.
Saks lays off 550 people
In the U.S., Saks Global, the new entity that operates Saks Fifth Avenue and Neiman Marcus, will lay off about 550 workers, or 3% of the total workforce, writes WWD. The layoffs focus on reducing duplicate and overlapping roles that have emerged following the $2.7 billion acquisition by Saks and Neiman Marcus in December 2024. The number of suppliers will also decrease, and a new payment policy imposed by Saks Global will weigh in: starting in July, monthly installments will be applied to invoices that are 90 days from overdue. As a result of these new conditions, the retail chain estimates a 25% reduction in its list of suppliers, including the elimination of some by the company itself.
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