Saks Global seeks $1bn loan as CEO role changes hands

Core Viewpoint - Saks Global is seeking up to $1 billion in financing to support its operations amid preparations for a potential Chapter 11 bankruptcy filing, following a missed interest payment of over $100 million due on December 30, 2025 [1][2] Group 1: Financial Situation - The company is negotiating a forbearance agreement with creditors to secure more time for funding or reorganization [2] - Bondholders are considering a debtor-in-possession (DIP) financing package that may involve at least $750 million in new capital [2] - Saks has faced increasing pressure due to inventory issues and strained cash flow, exacerbated after raising billions from bond investors for a turnaround plan [3] Group 2: Leadership Changes - Marc Metrick has stepped down as CEO, with Richard Baker taking over while retaining his role as executive chairman [4][5] - The leadership transition follows Metrick's decision to explore new opportunities, with Baker emphasizing the goal of securing a stable future for the company [5][6] Group 3: Operational Challenges - Despite a debt restructuring agreement in June that provided several hundred million dollars in support, Saks continues to struggle with muted sales and constrained inventory levels [4] - The company aims to leverage its industry expertise and relationships to capitalize on opportunities in the luxury market [6]