Thanks in particular to the recent securing of $350 million in financing, the CEO of the new American department store group, comprising Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue, and Saks OFF 5TH, is optimistic about the future. However, several challenges, particularly financial ones, still lie ahead.
Saks Global sees a bright future ahead… Saks Global, or more precisely its CEO, Marc Metrick.
The American department store group, which acquired its competitor Neiman Marcus for $2.7 billion at the end of December, announced on May 30 during a conference call with its bondholders that it had secured $350 million in financing in anticipation of an imminent coupon payment.
Saks Global, created in 2024 to bring together the Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue, and Saks OFF 5TH brands, also announced adjusted earnings of $161 million for its last fiscal year, which ended on February 1.
Will the rain stop and the sun come out?
After the bad news following the merger of Saks and Neiman Marcus, namely the elimination of several hundred jobs in the new group since early 2025, affecting both Saks Fifth Avenue and Neiman Marcus store employees and the company’s offices, the CEO of Saks Global is now optimistic.
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Read also > Saks swallows Neiman Marcus
Featured photo: © Saks Fifth Avenue
