Saks Global Enterprises Faces $100M Debt, Bankruptcy Looms

Saks Global Enterprises faces a looming debt crisis, with a $100 million payment due and bankruptcy as a last resort. Lenders are exploring options like a debtor-in-possession loan, while investors grapple with paper losses over $1 billion. The companys acquisition of Neiman Marcus and subsequent turnaround plan have backfired, leading to vendor disputes and plummeting sales. As Saks navigates this financial storm, the luxury retail industry awaits the outcome.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.