Archive · 5 Jan 2026
Saks Seeks $1 Billion Bankruptcy Loan
Saks, a big luxury store company, is having money problems.
They missed a big payment to their lenders and are now trying to get a $1 billion loan to stay open.
They might have to file for bankruptcy soon.
The company's CEO is also stepping down.
Saks has been struggling with sales and too much inventory.
They run famous stores like Saks Fifth Avenue and Bergdorf Goodman.
They're trying to fix their money issues, but it's not easy.
Saks Global Enterprises is seeking a $1 billion loan to keep the business running as part of a potential Chapter 11 bankruptcy filing.
The company missed an interest payment of over $100 million due on Dec. 30 and is negotiating a forbearance with creditors.
A potential debtor-in-possession (DIP) loan may include at least $750 million of new money and a roll-up of existing debt.
Saks' CEO Marc Metrick is stepping down, with Executive Chairman Richard Baker replacing him.
The company reported a 13% year-over-year drop in revenue to $1.6 billion in the second quarter and has been struggling with inventory and cash-flow pressures.
- Who
- Saks Global Enterprises
- What
- Seeking a $1 billion bankruptcy loan
- When
- Potential Chapter 11 filing in coming weeks
- Where
- United States
- Why
- To keep the business running amid financial struggles
- Company
- Saks Global Enterprises
- Loan Amount
- $1 billion
- Missed Payment
- $100 million (interest payment)
- Potential DIP Loan
- $750 million (new money)
- CEO Change
- Marc Metrick stepping down, Richard Baker replacing him
- Revenue (Q2 2023)
- $1.6 billion (13% year-over-year drop)
- Stores Operated
- Saks Fifth Avenue, Bergdorf Goodman, Neiman Marcus