What: Saks Global secures USD 350 million in financing commitments from SLR Credit Solutions, including a USD 300 million FILO facility and USD 50 million secured term loan, ahead of crucial June interest payment.

Why it is important: The new financing comes at a critical time as Saks Global works to rebuild market confidence, with bonds trading as low as 34 cents on the dollar and USD 1.3 billion in past-due vendor payments requiring attention.

Saks Global has secured crucial financing commitments totalling USD 350 million from SLR Credit Solutions, comprising a USD 300 million FILO facility carved out of its existing USD 1.8 billion asset-backed lending facility and a USD 50 million secured term loan for subsidiaries. The financing, expected to be finalised by June 30, coincides with the company's first USD 120 million interest payment on the USD 2.2 billion in bonds issued for the Neiman Marcus acquisition. CEO Marc Metrick emphasises that this arrangement will boost the company's available liquidity to approximately USD 700 million, supporting ongoing transformation efforts and vendor relationships. The timing is particularly significant as Saks works to address a USD 1.3 billion backlog of trade payables, with monthly installment payments to vendors set to begin in July. The company's bonds, which have traded as low as 34 cents on the dollar, reflect market concerns about its financial stability.

IADS Notes: This financing announcement follows a series of strategic moves in Saks Global's post-merger transformation. In April 2025 , the company implemented significant cost reductions, including 550 job cuts, as part of its USD 500 million savings target. February 2025 saw the introduction of controversial 90-day vendor payment terms and a 25% reduction in brand partnerships, highlighting the complex balance between operational efficiency and stakeholder relationships. The May 2025 exploration of financing options through PJT Partners and Kirkland & Ellis preceded this successful arrangement with SLR Credit Solutions. With bonds recently trading at 58 cents on the dollar , this new financing provides crucial support for the company's transformation efforts while addressing immediate financial obligations.

Saks secures $350M in financing to ‘fortify’ balance sheet