New York City, January 5, 2026
Saks Global Enterprises is negotiating a loan of up to $1 billion as it faces potential bankruptcy. The luxury retailer missed a significant interest payment and is working with creditors to delay repayments. CEO Marc Metrick has stepped down amidst declining revenues and inventory issues. Saks has previously undertaken debt restructuring but continues to face liquidity challenges. As the company explores additional financing options, it highlights the broader difficulties faced by luxury retailers in a competitive market.
Saks Global Enterprises Seeks $1 Billion Loan Amid Financial Turmoil
New York City, NY – Saks Global Enterprises is in discussions to secure a loan of up to $1 billion as it prepares for a potential Chapter 11 bankruptcy filing in the coming weeks. The luxury retailer missed a $100 million interest payment due on December 30 and is negotiating with creditors to delay debt repayments, aiming to buy time for a financing agreement or reorganization plan.
Financial Challenges and Leadership Changes
The company has been grappling with significant financial difficulties, including a 13% year-over-year revenue decline to $1.6 billion in the second quarter of 2025. These challenges have been compounded by inventory issues and a backlog of payables to vendors. In response to these issues, Marc Metrick stepped down as CEO on January 2, 2026, with Executive Chairman Richard Baker assuming the role.
Debt Restructuring Efforts
In August 2025, Saks Global completed a debt restructuring that allowed the company to raise up to $600 million in secured financing and exchange $2.2 billion in senior secured notes. Despite these efforts, the company continues to face liquidity challenges and is exploring additional financing options, including the sale of a minority stake in Bergdorf Goodman, to reduce debt and strengthen its financial position.
Background on Saks Global Enterprises
Saks Global Enterprises, headquartered in New York City, owns several luxury retail brands, including Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman. The company has a long history in the luxury retail sector but has faced increasing competition and financial pressures in recent years. The potential bankruptcy filing and ongoing restructuring efforts highlight the challenges faced by traditional luxury retailers in adapting to changing market conditions.
Key Features of Saks Global Enterprises’ Financial Situation
| Aspect | Details |
|---|---|
| Loan Discussions | Seeking up to $1 billion to support potential Chapter 11 bankruptcy filing. |
| Missed Payment | Missed $100 million interest payment due December 30. |
| Leadership Change | Richard Baker appointed CEO on January 2, 2026, replacing Marc Metrick. |
| Debt Restructuring | Completed in August 2025, raising up to $600 million in secured financing. |
| Revenue Decline | 13% year-over-year drop to $1.6 billion in Q2 2025. |
Frequently Asked Questions (FAQ)
What is Saks Global Enterprises seeking?
Saks Global Enterprises is in discussions to secure a loan of up to $1 billion as it prepares for a potential Chapter 11 bankruptcy filing in the coming weeks.
What financial challenges is Saks Global facing?
The company has been grappling with significant financial difficulties, including a 13% year-over-year revenue decline to $1.6 billion in the second quarter of 2025, inventory issues, and a backlog of payables to vendors.
Who is the new CEO of Saks Global Enterprises?
Richard Baker, the Executive Chairman, assumed the role of CEO on January 2, 2026, following the resignation of Marc Metrick.
What steps is Saks Global taking to address its financial issues?
The company is negotiating with creditors to delay debt repayments, exploring additional financing options, including the sale of a minority stake in Bergdorf Goodman, and has completed a debt restructuring to raise up to $600 million in secured financing.
What is the history of Saks Global Enterprises?
Saks Global Enterprises, headquartered in New York City, owns several luxury retail brands, including Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman. The company has a long history in the luxury retail sector but has faced increasing competition and financial pressures in recent years.
Now Happening on X
- @shanaka86 (January 1, 2026): Saks Global missed a $100M+ interest payment on $5B in debt, with filing expected soon; this signals cracks in the $400B luxury retail sector burdened by cheap debt over a decade. View on X
- @acroosevelt (January 5, 2026): Saks faces bankruptcy due to excessive debt from expanding to include Neiman Marcus and Bergdorf Goodman, despite luxury trade being a sustained growth area in the US economy. View on X
- @BankingLaw (January 2, 2026): Discussing Saks bankruptcy watch, including holiday retail surge, risks to luxury vendors, and a 2026 survival guide. View on X
- @geekspinco (January 3, 2026): The iconic luxury retailer Saks missed a massive debt payment and is scrambling for survival after a disastrous merger. View on X
- @LVOfficeBroker (December 31, 2025): Saks prepares for bankruptcy after missing debt payment, as reported by The Wall Street Journal. View on X
- @Houstonomics (December 30, 2025): Saks is weighing a Chapter 11 filing as a $100M+ debt payment comes due. View on X
- @sinspice2020 (December 30, 2025): Saks weighs bankruptcy as $100M debt payment looms amid crisis, citing Fox Business. View on X
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