According to The Post, Saks Global Enterprises is in a critical race to secure more than $1 billion in rescue financing from new and existing investors as the luxury retailer faces mounting financial pressures. The company is actively negotiating with investors for a massive cash injection to stave off a possible bankruptcy filing, with discussions expected to wrap up within a couple of weeks. If these financing talks fail, the capital could take the form of debtor-in-possession financing in a Chapter 11 reorganization, sources indicate. This crisis comes as part of a broader surge in corporate bankruptcies, with at least 717 US companies filing for bankruptcy through November 2025, according to S&P Global Market Intelligence - a 14% jump from the same period last year and the highest total since 2010.
As reported by The Post, the financial crisis deepened when Saks missed a $100 million interest payment to bondholders that came due earlier this week on the $2.7 billion borrowed to acquire Neiman Marcus a year ago. According to RetailStat, which provides credit data and analysis on retailers, Saks Global appears to have secured a 30-day grace period for the interest payment. The company also owes millions to vendors, many of whom have not been paid in full for more than a year, creating additional operational pressures.
According to The Post, Saks Global announced that CEO Marc Metrick stepped down after nearly three decades with the company, including a decade as chief executive. Richard Baker, the company's executive chairman and real estate mogul who previously served as CEO before the Neiman Marcus acquisition, has succeeded Metrick. In his statement, Metrick said he was proud of accomplishments including building a world-class team and establishing Saks.com as a leading luxury e-commerce platform, noting he is leaving to pursue new opportunities.
As reported by The Post, Saks Global's revenues, which include Bergdorf Goodman and Saks Off 5th, dropped 13% in the company's most recent quarter, which ended August 2. The company has begun leveraging its vast real estate holdings to raise capital, including closing a Saks Fifth Avenue store in San Francisco in May and selling the land beneath its Beverly Hills Neiman Marcus shop to Ashkenazy Acquisition Corp. for an undisclosed amount this week. The store now operates under a long-term lease with the New York-based Ashkenazy.
According to the Washington Post, Saks' financial struggles reflect a broader corporate distress pattern, with bankruptcies reaching levels not seen since the Great Recession. The surge is being driven by inflation, high interest rates, and trade policies that have increased costs for imported materials. Among other major companies that filed for bankruptcy protection in 2025 were pharmacy chain Rite Aid, genetics testing firm 23andMe, fast-casual dining chain Hooters, and no-frills carrier Spirit Airlines. Manufacturing, construction firms and transportation providers now account for the largest share of new filings, with the manufacturing sector shedding more than 70,000 jobs in the year ending in November.
