Saks Global Enterprises is weighing a Chapter 11 bankruptcy filing as the luxury retailer confronts more than $100 million in debt payments due by year-end, according to people familiar with the matter who spoke to Bloomberg.
The company, which owns Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, is exploring emergency financing options and potential asset sales as alternatives to bankruptcy, the sources said.
Lenders have discussed Saks’ immediate cash requirements in recent private talks, with conversations centering on debtor-in-possession financing — a loan structure used in bankruptcy cases, according to other people familiar with the matter.
CEO Marc Metrick is expected to leave the company, multiple sources told Puck. His anticipated departure comes amid growing uncertainty about the retailer’s financial stability.
A Saks spokesperson told Retail Dive the company is “exploring all potential paths to secure a strong and stable future for Saks Global.”
Saks raised billions of dollars from bond investors in late 2024 to finance its $2.7 billion acquisition of Neiman Marcus Group. The deal was intended to create a technology-powered luxury retail giant backed by investors including Amazon and Salesforce Inc.
The company faces persistent cash flow problems. Financial data, from an analysis shared with TheStreet, shows Saks paid suppliers 27 to 41 days late throughout 2025, well above the industry average of 10 to 12 days.
Saks’ $941 million portion of second-out notes restructured in August traded at about 6 cents on the dollar on December 22, down from roughly 36 cents two weeks earlier. About $762 million of more senior debt traded at around 46 cents.
Saks Global was previously owned by Hudson’s Bay, the Canadian retailer that liquidated locations in 2025 after attempting to restructure.
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