Saks Global, the luxury retail conglomerate behind Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, is scrambling to secure up to $1 billion (£745 million) in emergency financing as it teeters on the brink of bankruptcy.
The cash-strapped company missed an interest payment of more than $100 million (£74.45 million) due to bondholders on 31 December, according to the Wall Street Journal. The missed payment has prompted urgent negotiations with creditors and raised serious questions about the future of American luxury retail.
