This article first appeared on GuruFocus.

Amazon.com Inc. (NASDAQ:AMZN) has moved into a more influential position in the Chapter 11 restructuring of Saks Global Enterprises, joining luxury groups including LVMH (LVMHF) and Chanel Ltd. on the official unsecured creditors’ committee. According to a court filing, the 10-member panel also includes a labor union representing Saks store employees, Ermenegildo Zegna, Kering Americas, and Brookfield Properties Retail. The committee structure gives major vendors, landlords, and partners a formal role in the case, potentially shaping how Saks navigates its restructuring process.

• Warning! GuruFocus has detected 4 Warning Sign with AMZN.

• Is AMZN fairly valued? Test your thesis with our free DCF calculator.

The financial exposure among luxury suppliers remains substantial. Bankruptcy petitions show Saks owes Chanel about $136 million, Kering nearly $60 million, and LVMH roughly $26 million. Amazon’s role is more complex, following its $475 million preferred equity investment tied to a broader transaction that helped fund Saks’ acquisition of Neiman Marcus. The e-commerce group has challenged Saks’ Chapter 11 financing, alleging the retailer missed budget targets and burned through hundreds of millions of dollars over the past year, a dispute that could influence negotiations around funding and oversight.

Saks has acknowledged in court papers that delayed payments have strained relationships with brands and may have limited access to seasonal inventory as suppliers became more reluctant to ship goods. The company has argued that Chapter 11 protection could help stabilize those relationships by providing access to new capital, saying it expects to draw on $1.75 billion in bankruptcy financing to strengthen ties with key brands. The case is proceeding in the US Bankruptcy Court for the Southern District of Texas, with the creditors’ committee positioned to play a central role as the process unfolds.