NEW YORK (VINnews) — Luxury retailer Saks Global is weighing a bankruptcy filing after failing to make a required debt payment linked to its purchase of Neiman Marcus, according to a report published Wednesday by the WSJ.
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The company, which owns Saks Fifth Avenue, missed an interest payment exceeding $100 million that came due this week. People familiar with the situation said the missed payment has prompted discussions with creditors as Saks Global seeks financing options and explores restructuring alternatives.
The move comes as the luxury retail sector continues to face pressure from high borrowing costs, shifting consumer spending and weaker demand for discretionary goods.