Saks Global secures 350 million dollars in financing commitments
Saks Global, the newly formed retail group comprising Saks and Neiman Marcus, has announced that it has secured 350 million dollars of financing commitments from SLR Credit Solutions. This reflects progress against its previously announced measures to strengthen its balance sheet, the company said in a release.
Anticipated the close on or before June 30, the commitments, subject to customary conditions, consist of a 300 million dollar first-in, last-out (FILO) facility for the company and a 50 million dollar secured term loan facility for certain subsidiaries, 'providing additional liquidity to support the execution of the company's business plan'.
The FILO is to be incurred as an incremental facility associated with Saks Global's existing 1.8 billion dollar asset-based lending facility. The financings will provide the company with around 700 million dollars in available liquidity on a pro forma basis, Saks Global Operating Group CEO, Marc Metrick, said.
In his statement, Metrick noted that the company has 'always planned' to implement measures to bolster liquidity as it continues to execute its transformation strategy. He continued: 'Along with synergy realisation and business performance exceeding our plans, we are well positioned to continue delivering for all of our stakeholders, including our brand partners.'
Saks Global is a newly formed entity that was made upon Saks' acquisition department store giant Neiman Marcus Group, which it snapped up in December 2024 for 2.7 billion dollars. Its portfolio consists of Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue and Saks Off 5th, creating what the company's executive chairman, Richard Baker, said was 'an unparalleled multi-brand luxury portfolio with tremendous growth potential'.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fashion United
30-05-2025
- Fashion United
Saks Global secures 350 million dollars in financing commitments
Saks Global, the newly formed retail group comprising Saks and Neiman Marcus, has announced that it has secured 350 million dollars of financing commitments from SLR Credit Solutions. This reflects progress against its previously announced measures to strengthen its balance sheet, the company said in a release. Anticipated the close on or before June 30, the commitments, subject to customary conditions, consist of a 300 million dollar first-in, last-out (FILO) facility for the company and a 50 million dollar secured term loan facility for certain subsidiaries, 'providing additional liquidity to support the execution of the company's business plan'. The FILO is to be incurred as an incremental facility associated with Saks Global's existing 1.8 billion dollar asset-based lending facility. The financings will provide the company with around 700 million dollars in available liquidity on a pro forma basis, Saks Global Operating Group CEO, Marc Metrick, said. In his statement, Metrick noted that the company has 'always planned' to implement measures to bolster liquidity as it continues to execute its transformation strategy. He continued: 'Along with synergy realisation and business performance exceeding our plans, we are well positioned to continue delivering for all of our stakeholders, including our brand partners.' Saks Global is a newly formed entity that was made upon Saks' acquisition department store giant Neiman Marcus Group, which it snapped up in December 2024 for 2.7 billion dollars. Its portfolio consists of Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue and Saks Off 5th, creating what the company's executive chairman, Richard Baker, said was 'an unparalleled multi-brand luxury portfolio with tremendous growth potential'.
Fashion United
27-05-2025
- Fashion United
Hudson's Bay plans to sell 28 store leases to Chinese investor
Canadian department store chain Hudson's Bay is believed to be eyeing the sale of up to 28 of its store leases to a Chinese investor who wishes to build 'a new modern department store'. In a press release seen by multiple media outlets, including CBC, it is said that Hudson's Bay will seek court permission to sell a group of properties to Ruby Liu. This includes sites under its namesake banner and some as part of its Saks business. Hudon's Bay did not disclose to the press how much Liu had offered for the properties or which specific locations are included in the deal. A separate release issued by Liu, meanwhile, stated that the investor, and the owner of three B.C. malls, intends to bridge the gap between generations by 'providing immersive shopping experiences, and becoming a destination where all age groups thrive together'. Liu had already been vocal about her plans to 'restore the Bay to its glory' on the Chinese social media platform, RedNote. Here, videos posted to the site on May 23 showed Liu signing an agreement for the leases in a board room. Hudson's Bay is currently in the process of liquidating all of its Canadian stores after filing for creditor protection back in March. The company has a total of 96 leases across the country, 39 of which are said to have been bid on by 12 parties, according to court filings seen by CBC. One of these parties is Canadian Tire Corporation which struck a deal to acquire the intellectual property of Hudson's Bay for 30 million Canadian dollars. The company had confirmed that it had 'bid for a handful of lease locations'. Hudson's Bay, meanwhile, has told media outlets that it is still in discussions with other bidders and would 'communicate the outcome of those discussions, as appropriate, in the future'. FashionUnited has contacted Hudson's Bay and Ruby Liu's investment firm, Central Walk, with requests to comment.
Fashion United
16-05-2025
- Fashion United
ABG and Saks top executives on new luxury group: "Necessary for American fashion industry"
US fashion companies Authentic Brands Group and Saks Global announced their collaboration, 'Authentic Luxury Group', in 2024. At the World Retail Congress in London, chief executive officer Jamie Salter (CEO Authentic) and Richard Baker (executive chairman Saks) shared further details about the collaboration. The joint interview, led by congress host Steph McGovern, revealed that the collaboration between the two companies had been about 12 years in the making. It took a long time to get everyone at Saks Global on board. Recently, it became clear that collaboration was necessary, not only for the two companies but, according to them, for the US industry as well. 'We had to do it, otherwise there would be no US industry left.' Salter stated that he had wanted to enter the luxury and premium industry with Authentic Brands Group for some time. 'For years, we were only about distribution, and if you want to enter the luxury industry with your brand portfolio, you also need to have a distribution channel.' For this, he had his eye on the Saks Global brands (Bergdorf Goodman, Neiman Marcus and Saks Fifth Avenue). It was only when it became clear how much the consumer landscape was changing that everyone at Saks realised they could also benefit from the collaboration. Baker said during the event: 'There is 600 million dollars in synergy between our companies'. Buying luxury from Amazon will "feel natural" in five years The top executives indicated that there is an industry in which too many discounts are given, there are too many suppliers, and there is not enough margin. This is not sustainable in the long term. Within the joint venture between Saks and Authentic Brands Group, hundreds of suppliers are being cut, poorly performing brands are being divested, the company is moving further away from private label, and it is putting premium partnerships in the foreground. Part of the new partnership is also the link with Amazon. Saks has opened its own online shop within Amazon. Although Amazon is not directly linked to luxury items at the moment, Baker believes that in five years this will 'feel very natural'. This luxury feel of Authentic Luxury Group is to be enhanced by entering the world of luxury homes and hotels. The execs said that some are already in the making. These residences have an entire Saks look and feel. 'If a building in Bangkok says it is a Saks building, then the US expats immediately know it is a luxury residence.' After the duo interview at the World Retail Congress, it is clear that the two have big plans for Authentic Luxury Group. This article was translated to English using an AI tool. FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@
