Saks Global Enterprises is seeking a loan of up to $1 billion to navigate a potential Chapter 11 bankruptcy filing. The luxury retailer missed a $100 million interest payment, prompting negotiations with creditors for a forbearance to secure financing or reorganization. Talks are ongoing for a debtor-in-possession loan to keep operations afloat post-bankruptcy.

Saks, established over 150 years ago, faced financial strain despite a debt deal in June. CEO Marc Metrick stepped down amidst lackluster sales and inventory challenges. The company operates Saks Fifth Avenue, Bergdorf Goodman, and Neiman Marcus, reporting a 13% revenue decrease to $1.6 billion in the second quarter. Plans to sell a minority stake in Bergdorf Goodman were explored to raise funds.

Read more at Yahoo Finance: Saks in Talks for $1 Billion Bankruptcy Loan to Keep Doors Open