Luxury department stores Saks seek billion dollars to stay afloat

Department store group Saks Global is seeking emergency financing of up to one billion American dollars to stay afloat. Bankruptcy looms as even CEO Marc Metrick throws in the towel after three decades.

Impending bankruptcy

Saks Global, which owns department stores such as Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus, is reportedly on the verge of bankruptcy. At the end of December, the company missed an interest payment of more than 100 million dollars (around 100 million euros) to bondholders, and the group is still negotiating with creditors for a deferral.