News Brief: Saks Global Struggles to Secure Bankruptcy Financing
Summary
Luxury retail conglomerate Saks Global is facing significant hurdles in securing up to $1 billion in critical bankruptcy financing (a DIP loan), increasing the likelihood of a potential liquidation of the historic department store chain.
Key Points
- Financing Struggle: Saks is trying to arrange a Debtor-in-Possession (DIP) loan to fund operations during a potential Chapter 11 bankruptcy filing but has found little investor interest.
- Investor Skepticism: Potential lenders doubt Saks can successfully reorganize and repay the loan, despite DIP loans having repayment priority.
- Liquidation Risk: Without a DIP loan to pay essential costs like payroll and rent, a Chapter 7 liquidation becomes a more probable outcome than a reorganization.
- Root Causes: Troubles escalated after Saks’s debt-heavy $2.7 billion acquisition of Neiman Marcus in 2024, leading to vendor payment issues, inventory gaps, and a sales decline amid a slowing luxury market.
- Current Actions: Saks is already in talks with liquidators for some closing stores, though not yet for the entire chain.
新闻简报：Saks Global 艰难寻求破产融资
摘要
奢侈品零售集团 Saks Global 在争取高达10亿美元的关键破产融资（债务人持有资产贷款）方面面临重大障碍，这增加了这家历史悠久的百货连锁店可能被清算的风险。
关键点
- 融资困境：Saks 正试图安排一笔债务人持有资产（DIP）贷款，以便在潜在的第十一章破产申请期间维持运营，但投资者兴趣寥寥。
- 投资者疑虑：潜在贷款方怀疑 Saks 能否成功重组并偿还贷款，尽管 DIP 贷款在破产程序中拥有优先受偿权。
- 清算风险：如果没有 DIP 贷款来支付工资、租金和库存等基本开支，公司更可能走向第七章清算，而非重组。
- 根本原因：问题在 Saks 于 2024 年以 270 亿美元债务收购 Neiman Marcus 后加剧，导致供应商付款延迟、库存缺口以及销售下滑，同时整个奢侈品市场增长停滞。
- 当前行动：Saks 已就部分正在关闭的门店与清算机构进行谈判，但尚未涉及整个连锁体系。
Original Article Link: https://www.cnbc.com/2026/01/08/saks-global-struggles-to-line-up-bankruptcy-financing.html