Home / Business and Economy / Saks Global Nears $1 Billion Loan Amid Bankruptcy Talks
Saks Global Nears $1 Billion Loan Amid Bankruptcy Talks
5 Jan
Summary
- Saks Global is in discussions for a $1 billion loan.
- The retailer missed a $100 million interest payment due December 30.
- A Chapter 11 bankruptcy filing is anticipated in the coming weeks.
Saks Global Enterprises is reportedly in advanced discussions to secure approximately $1 billion in financing. This development precedes a potential Chapter 11 bankruptcy filing, which could occur in the coming weeks. The luxury retailer has faced significant financial pressure, notably missing a $100 million interest payment that was due on December 30.
To navigate this critical period, Saks Global is negotiating with its creditors for a forbearance agreement. This would grant the company additional time to finalize a comprehensive financing deal or implement a reorganization plan. Bondholders are considering a debtor-in-possession (DIP) loan, potentially including over $750 million in new capital and a consolidation of existing debt.
The company's leadership has also seen a recent change, with Marc Metrick stepping down as chief executive earlier this month. Richard Baker has since assumed the role of CEO. As of early January 2026, the situation remains fluid, with the retailer seeking to ensure operational continuity through the potential bankruptcy proceedings.
