Amazon challenges Saks funding deal, Bloomberg reports

Amazon (AMZN) is challenging Saks Global Enterprises’ bid to fund its bankruptcy with financing that would provide the retailer with fresh cash, saying it would harm Amazon and other unsecured creditors, Bloomberg’s Jonathan Randles and Steven Church report. Amazon claims Saks breached a deal related to the sale of Saks products on its website and that its equity investment in the now bankrupt business is “presumptively worthless.” Saks is seeking court permission to access financing to keep paying vendors and covering payroll and other expenses, the report notes. Other publicly traded companies in the space include Macy’s (M), Kohl’s (KSS), and Dillard’s (DDS).