Saks Mulls Bankruptcy Year After Raising Billions for Turnaround
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 centered on the acquisition of Neiman Marcus, betting that scale would revive the struggling luxury retailer. In June, Saks persuaded creditors to provide hundreds of millions of dollars more as part of a debt deal that reshuffled repayment priorities, creating multiple tiers of bondholders with differing claims on the company’s assets.