US EditionS&P Global Ratings Downgrades Saks, Warns Latest Financing Deal Is ‘Tantamount to a Default’
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retaildive.com
fashiondive.comS&P Global Ratings downgrades Saks, warns latest financing deal is ‘tantamount to a default’
Saks Global emphasized that there’s no default related to its new agreement with bondholders, calling the rating updates “common and expected with transactions like these.”
S&P Global Ratings lowered Saks Global Enterprises’ credit rating after the troubled company announced a $600 million (mdd) deal with its creditors to avoid bankruptcy. The company’s issuer rating dropped to CC, equivalent to 10 steps below the investment grade, the same as as the issuer of its bonds, which was lowered by five levels. The discount reflects our view that the proposed financial transaction amounts to a default S&P claimed.
Another Saks Global stores exec is out – RetailWit
[[{“value”:” John Antonini leaves after more than 25 years at Saks Fifth Avenue and just a few months into a newly created position centered on store growth. Published July 9, 2025 John Antonini, a 25-year Saks Fifth Avenue veteran, is the second stores executive to leave in a matter of weeks. Kaarin Moore/Retail Dive “}]]
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