Saks reveals $ 100 million loss in no-question creditor call | Company Business News

(Bloomberg) – Saks Global Enterprises told creditors that it had a custom loss of more than $ 100 million in the past financial year, a day after it announced a $ 350 million financial lifeline before a threatening coupon payment. The luxury retailer has $ 275 million in overdue payments to suppliers, management told mortgage holders in a call Friday where it also shared figures from the 12 -month period ended February 1, according to people with knowledge of the content of the call. Combined with the results of the recently acquired Neiman Marcus, the company recorded $ 161 million to adjusted earnings last year, Saks reported. According to people with knowledge of the case, the company did no questions about the call. Saks also told mortgage holders that it pursued more growth and synergies that would improve the results, but according to the call participants did not expand much about the initiatives. It expects to realize more than $ 285 million to current rate senses by the end of this year, higher than the initial expectations of $ 150 million. The value of stock at the end of the year was $ 2.1 billion, Saks reported in its earnings. The company also said US rates could increase its costs by eight to 10%, some of the people said. The company’s 2029 bonds agreed on Friday and earned up to 9 cents on the dollar to 45.5 cents, according to Trace. The price sank below 36 cents earlier this month, reflecting the deep skepticism of the containers, they would even receive their first coupon payment of about $ 120 million, owed in June. The financing agreement announced on Thursday involves $ 300 million in the form of a new so-called first-in-last loan under its asset-based credit facility, and an extra $ 50 million loan, according to the company’s announcement. This improves the liquidity position of $ 438 million at the end of last year, which has $ 415 million available under an ABL facility. More stories like these are available on Bloomberg.com © 2025 Bloomberg LP