Saks seeks $1B loan after missing payment amid liquidity crunch

Business Jan 05, 2026

Saks is in a tough spot—after missing a $100 million interest payment at the end of December, the retailer is now trying to secure up to $1 billion in emergency funding.
With talks of possible bankruptcy, things are getting serious.

What's behind the money troubles?

Saks has been struggling with falling sales and inventory headaches. Revenue dropped 13% to $1.6 billion last quarter.
The company now hopes to bring in another $750 million from bondholders just to keep things afloat.

Big moves and leadership shakeup

The plan to acquire Neiman Marcus was supposed to be a win, but it's drained more cash than expected.
CEO Marc Metrick stepped down on Friday, leaving Chairman Richard Baker in charge for now.
Saks might also sell part of Bergdorf Goodman to raise extra funds as it tries to steady itself.