Overview
- The retailer skipped an interest payment of more than $100 million due Tuesday and is in a grace period while negotiating with creditors, according to multiple reports.
- Talks include potential debtor-in-possession financing as the company weighs a Chapter 11 filing that could come in the coming weeks, the Wall Street Journal and Reuters reported.
- Saks Global completed a restructuring in August 2025 that injected about $600 million in new money and exchanged $2.2 billion of senior secured notes.
- The company has pursued asset sales to raise cash, including exploring a minority stake sale in Bergdorf Goodman and marketing real estate such as a Beverly Hills property.
- Operating pressures have mounted, with a reported 13% revenue drop to $1.6 billion and a quarterly net loss of $288 million, plus vendor-payment delays and layoffs.