Business

Saks in talks for $1 billion loan to keep doors open: report

January 4, 2026

Saks Global Enterprises is in talks to secure a loan of about $1 billion as it prepares for a possible Chapter 11 bankruptcy filing in the coming weeks, Bloomberg News reported on Sunday, citing people familiar with the matter.

The luxury retailer missed a $100 million interest payment due Dec. 30 and is negotiating a forbearance with creditors to buy time for a financing deal or reorganization plan, the report said.

Saks Global missed a $100 million interest payment last week. Getty Images

Saks Global did not immediately respond to a request for comment. Reuters could not immediately verify the report.

Bondholders have discussed a debtor-in-possession loan structure that could include at least $750 million in new money and a roll-up of existing debt to allow the New York-based company to continue operating after it files for bankruptcy, the Bloomberg report added.

People shopping for luxury bags in a department store during Black Friday sales. — Bondholders have discussed a loan structure and a roll-up of existing debt to allow Saksto continue operating after it files for bankruptcy. AFP via Getty Images

Marc Metrick last week stepped down as chief executive of the company and Richard Baker was named as his successor.

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Wesley Scott

Wesley Scott is a seasoned business journalist with a knack for breaking down complex financial matters and corporate trends. With a background that includes seven years working on Wall Street, Wesley brings insider knowledge to his reporting, offering readers both depth and clarity. His articles cover a wide range of topics, from market trends and corporate leadership changes to business ethics and the impact of global events on industries. Known for his ability to identify emerging patterns in the business world, Wesley’s writing serves as a reliable resource for professionals and curious readers alike. Whether covering shifts in consumer behavior or unraveling the dynamics of corporate mergers, Wesley's work ensures his audience stays ahead of the curve.