Last week, the fashion industry was jolted by a stark message from Gary Wassner, the C.E.O. of Hilldun, a factoring firm that plays an essential role in the retail ecosystem. Companies like Hilldun purchase unpaid vendor invoices so that brands can fulfill orders without waiting for their check, thereby creating a critical liquidity bridge. In his letter, Wassner advised brands to halt their shipments to Saks Global, the highly leveraged multibrand-retail conglomerate—comprising Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman—that publicly and privately dominates the industry discourse these days.