Separately, some Saks lenders have held confidential talks in recent days to assess the company’s cash needs, according to other people familiar with the matter. Saks raised billions of dollars from bond investors late last year to finance a bold turnaround plan centred on the acquisition of Neiman Marcus, betting that scale would revive the struggling luxury retailer. Instead, the deal deepened the company’s debt burden and failed to resolve long-running issues with vendors, many of whom halted shipments amid missed payments, accelerating losses. Even those securities have since plunged, underscoring concern among investors that the turnaround effort is running out of time. Saks faces interest payments of more than US$100 million due Dec 30, according to data compiled by Bloomberg.

Source: The Edge Markets December 23, 2025 01:26 UTC