The saga of Saks Global, which filed for Chapter 11 bankruptcy protection late Tuesday, is really just beginning. On Thursday, Gary Wassner, the C.E.O. of factoring firm Hilldun, sent partner brands a message advising them not to ship product yet, despite the fact that a Texas judge had approved the $1.75 billion in DIP (“debtor-in-possession”) financing amid pushback from Amazon, which poured nearly $500 million into Saks Global at the beginning of 2025. “I realize that it is difficult to not be anxious, but for your own protection, we all must wait until the situation is stabilized and on the right path, and until your future payments for new merchandise are secured,” Wassner wrote. “This is a large bankruptcy with many creditors, both secured and unsecured, who are all equally entitled to have a voice in the process.”