On a recent January morning, tourists admired the rows of Balenciaga and Burberry handbags on display at Saks Fifth Avenue's flagship midtown Manhattan location.
But a conversation on the second floor hinted at financial troubles at one of America's most iconic luxury department stores.
Penelope Nam-Stephen, a longtime customer, approached the Diptyque counter in search of a home fragrance that she had typically bought at Saks. Nam-Stephen, who splits her time between New York City and Boston, had been surprised to find the product unavailable at the Boston store just after Christmas.
She hoped the New York location would have better inventory.
"Do you have anything in the Berries fragrance?" she asked an employee. His response: "Everything is out of stock - candles, diffusers."
