Is Saks Global filing for bankruptcy?

Saks Global Enterprises is reportedly in talks to secure a $1 billion loan as it prepares for a possible Chapter 11 bankruptcy filing in the coming weeks.

Why is Saks Global seeking a $1 billion loan?

The company missed a $100 million interest payment due December 30 and is negotiating to secure financing to continue operations.

Who is the new CEO of Saks Global?

Richard Baker was recently named the new CEO of Saks Global, succeeding Marc Metrick.

Home / Business and Economy / Saks Global Nears $1 Billion Loan Amid Bankruptcy Talks

Saks Global Nears $1 Billion Loan Amid Bankruptcy Talks

5 Jan

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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 Nears $1 Billion Loan Amid Bankruptcy Talks

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.