Sax Global Corporation is considering bankruptcy as a last resort

According to media reports citing informed sources, the parent company of upscale department store chain Saks Fifth Avenue, Saks Global Company, is considering bankruptcy protection as a final resort. The report states that the company is facing limited options before the repayment of over $100 million in debt at the end of this month, and is exploring ways to increase cash, including raising emergency funds or selling assets. A spokesperson for Saks Global Company said after the report, "We are exploring all possible avenues to ensure that Saks Global Company has a strong and stable future." The report also stated that some lenders of Saks recently held secret meetings to assess the company's cash needs, focusing on potential debtors holding loans, which is a form of bankruptcy financing.