Saks is looking for more options to save itself. The U.S. luxury department store chain is in negotiations with some of its creditors to obtain a loan of up to one billion dollars in order to avoid filing for bankruptcy, which could take place in the next few weeks.
Some of the company’s bondholders have reportedly discussed a loan that could include up to about $750 million in new funds and a possible accretion of existing debt to allow the company to continue operating after filing for bankruptcy, sources within the group have told Bloomberg.
The company had been in financial trouble for several years. The latest move resulting from the company’s crisis was the resignation of its CEO, Mark Metrick, on January 2nd,…