Like a grand chandelier flickering before the lights go out, Saks Global Enterprises is weighing a potential Chapter 11 bankruptcy filing as mounting debt and tightening liquidity press down on one of America’s most storied luxury retail empires.
People familiar with the situation told Bloomberg that Saks Global — the parent company of Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus, and Bergdorf Goodman — is considering bankruptcy protection as it confronts a debt payment exceeding $100 million due by the end of December.
Mounting Debt and Emergency Options
According to sources, Saks Global has been scrambling to secure emergency financing and bolster cash reserves, including the possible sale of assets. Bankruptcy, however, remains the company’s last line of defense if liquidity cannot be stabilized in time.
Behind closed doors, some of the retailer’s lenders have already held confidential discussions to evaluate Saks’ immediate cash needs. Those talks reportedly included consideration of a debtor-in-possession loan — a form of financing typically arranged during bankruptcy proceedings to keep operations running.
At the same time, uncertainty at the top has added another layer of tension. Reports circulating Tuesday suggested that CEO Marc Metrick may be preparing to step down, further fueling speculation about the company’s next move.
FOX Business reached out to Saks for comment, but no response was immediately provided.
