We are modifying our rating on the company from our elevated risk "D-" credit rating to an elevated risk "D." The outlook remains stable.

The company experienced dismal third quarter results.

We are maintaining our moderate risk "C" credit rating on the company and its stable outlook.

The company promoted Eric van der Valk to Chief Executive Officer.

The company's third quarter results were an improvement compared to the prior year period.

As widely reported already, the acquisition of Neiman Marcus by Saks Global Enterprises was completed late last year at an estimated enterprise value of $2.7 billion.

The company is eliminating its dividend to save $863.8 million in cash per year.

The company had mixed third quarter results compared to the prior year period.

We are maintaining our low-risk “B-” credit rating and stable outlook on Wal-Mart (WMT). In Q3 2025, WMT reported robust operating numbers, with total revenue growing by 5.5% to $169.6 billion,

We are maintaining our moderate risk, "C-" credit rating and stable outlook. Guess? (GES) posted modest operating results with net revenue growth of 10.2% to $732.6 million, with a 13% growth in constant currency.