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Saks Global seeks to file for bankruptcy as soon as Sunday, Bloomberg News reports
Saks Global seeks up to $1 billion in debtor-in-possession financing to avoid liquidation after debt from 2024 Neiman Marcus acquisition strained finances, sources say.
- Beleaguered retail chain Saks Global is struggling to line up as much as $1 billion in financing to keep the business afloat during a potential Chapter 11 bankruptcy filing and secure a debtor-in-possession loan, people said.
- A slowdown in the luxury market in recent years and mounting debt from its $2.7 billion 2024 acquisition of Neiman Marcus have worsened Saks' financial troubles.
- Since missing an interest payment late last month, only a limited number of investors have shown interest while potential DIP lenders worry about recouping funds, narrowing backers to liquidators or alternative asset managers.
- Failure to secure the loan would prevent a Chapter 11 reorganization and could force Chapter 7 bankruptcy, risking closure of some stores as Saks struggles to fund payroll, rent and inventory.
- The storied 159-year-old Saks Fifth Avenue, which owns Neiman Marcus and Bergdorf Goodman, faces potential collapse affecting more than 70 full-line stores and about 100 off-price locations.
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Luxe retailer plans to file for bankruptcy as soon as Sunday as it crumbles under mounting debt: report
Saks Global Enterprises – which owns Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman – is planning to file for Chapter 11 bankruptcy protection as soon as Sunday, according to a report.
·New York, United States
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Coverage Details
Total News Sources18
Leaning Left1Leaning Right2Center9Last UpdatedBias Distribution75% Center
Bias Distribution
- 75% of the sources are Center
75% Center
C 75%
R 17%
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