Beleaguered luxury retailer Saks Global is close to finalizing $1.75 billion in financing with creditors that would allow its iconic Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus stores to remain open, two people familiar with the negotiations said.
The department store conglomerate wants to reorganize its debt and operations in Chapter 11 bankruptcy, which it could file “imminently.” – REUTERS/Angelina Katsanis
The department store conglomerate wants to reorganize its debt and operations in Chapter 11 bankruptcy, which it could file “imminently”, the people said.
The financing would provide an immediate cash infusion of $1 billion through a debtor-in-possession loan from an investor group led by Pentwater Capital Management in Naples, Florida, and Boston-based Bracebridge Capital, the people said.
The company’s banks would also provide an additional $250 million in financing through an asset-backed loan, the people said, asking not to be identified because the discussions are private.
A DIP loan helps companies pay salaries, vendors and other ongoing expenses while a company goes through Chapter 11 bankruptcy, allowing it to continue operating while reorganizing its business. DIP financing gives investors priority repayment if the company isn’t successful and has to liquidate, so a bankruptcy judge will have to sign off on it.
Saks Global, which controls stores and brands that have helped shape America’s taste for high fashion over the last century, would have access to another $500 million of financing from the investor group once it successfully exits bankruptcy protection, the sources added.
The negotiations are still fluid and the exact terms of the lending package could change, they cautioned. The financing plan would also need approval from a bankruptcy judge before it is finalized. The filing could come as soon as Tuesday, the people said.
The DIP finance package would allow Saks Global to repay its vendors and restock depleted inventory, one of the people said, while a Chapter 11 reorganization allows it to continue operating as it restructures its finances and renegotiates lease agreements and other contracts.
The so-called DIP loan could eventually be converted into equity or another type of asset, instead of repaid, if Saks successfully emerges from bankruptcy, one of the people said.
PJT Partners, which is advising Saks on its restructuring, declined to comment. Saks did not immediately return a request for comment.
Driven by the vision of real estate investor Richard Baker, Canada-based conglomerate Hudson’s Bay Co, which had owned Saks since 2013, bought rival Neiman Marcus in 2024 for $2.65 billion and spun off its U.S. luxury assets to create Saks Global.
The plan was to more easily take on competitors like Bloomingdale’s and Nordstrom by bringing together two of America’s best-known department store chains. Big names such as Amazon and Salesforce backed the Saks Global deal by becoming equity investors.
While the marriage gave the newly formed luxury conglomerate more leverage to negotiate discounts with vendors, it also left it saddled with debt. Saks Global took on about $2.2 billion in fresh debt as part of the deal, targeting $600 million in annual cost savings, according to media reports citing the company’s investor call in October.
But demand for luxury goods didn’t rebound as hoped for in 2025 and the servicing costs on that debt significantly ate into its cash flow, making it late in paying vendors and investors, according to interviews with former vendors, investors and analysts.
Saks Global had to tap investors for another $600 million in June and missed a crucial bond payment last month. Some of Saks’ bonds are trading at as little as a penny on the dollar. Its first lien bonds, which have the most protection in bankruptcy, are trading at 25 cents to 30 cents, one bond investor told Reuters.
The new cash injection should give Saks enough breathing room, and liquidity, to eventually recover, one investor said. It wasn’t clear whether the restructuring plan will include additional changes to the company’s management team or its storied real estate holdings, which include its flagship Saks Fifth Avenue store in New York City.
The company abruptly replaced its chief executive – veteran retail executive Marc Metrick – earlier this month, elevating Baker to CEO.
Dice Kayek has announced the donation of several iconic pieces from its archive to major international museums, including the Denver Art Museum, The Museum at FIT in New York, the Palais Galliera, the Musée de la Mode de la Ville de Paris, and the Musée des Arts décoratifs.
Dice Kayek donates iconic designs to major international museums. – Dice Kayek
Curatorial teams from the Denver Art Museum, The Museum at FIT, the Palais Galliera, and the Musée des Arts décoratifs were invited to select works directly from the Dice Kayek archive, with each institution choosing pieces to support upcoming exhibitions and strengthen their permanent collections.
The donations build on Dice Kayek’s longstanding recognition by museum institutions, following previous acquisitions by London’s Victoria and Albert Museum and the Los Angeles County Museum of Art.
Launched by sisters Ece and Ayse Ege, the Dice Kayek brand has forged a reputation over the past two decades for its carefully crafted universe. Characteristic styles and techniques include handmade embroidery, the art of folding to create volume through construction, and a unique approach to contrasting fabrics.
“These are one-of-a-kind pieces, there are no others in the world, there aren’t even any patterns to reproduce them,” said Ece.
“When I create a dress from a dream, you really have to think, calculate and examine to turn the beauty of the impossible into reality. It’s not just textile, clothing, it’s something else, an art of transformation.” It’s very important for us to pass on these gifts,” added Ece.
“It’s our way of bearing witness to the whole creative process, so that future generations can discover these unique pieces.”
Notably, the Denver Art Museum selected four sculptural silhouettes from the acclaimed “Istanbul Contrast” collection that have been exhibited internationally and were notably shown at the Victoria and Albert Museum in 2013.
The Museum at FIT chose a look from the Spring-Summer 2015 collection, while the Palais Galliera selected six handmade silhouettes, including dresses, a coat dress, and a suit with matching shoes, drawn in part from “Istanbul Contrast,”. The Musée des Arts décoratifs also chose six silhouettes, including Turkish Delight I and Istanbul by Night II.
October’s Very Own (OVO) on Tuesday announced it has received capital investment from firm Applied Real Intelligence (A.R.I.), as the Canadian streetwear brand looks to increase its reach globally.
OVO
The U.S.-based investment firm highlighted the “demand for culturally authentic brands right now” adding that the “timing couldn’t be better for OVO,” a lifestyle brand founded by Aubrey “Drake” Graham, Oliver El-Khatib, and Noah “40” Shebib, in Toronto, in 2008.
“Recently, Human Made, the streetwear brand partially owned by Pharrell Williams, went public at nearly $500 million and was reportedly 60 times oversubscribed,” said Dr. Zack Ellison, A.R.I.’s founder and managing general partner.
“It’s a clear signal that investors see tremendous value in brands that blend creativity, community, and cultural credibility. OVO is uniquely positioned within that movement, combining global influence across fashion, music, sports, and a cultural and lifestyle presence that sets it apart.”
Since its inception nearly 20 years ago, OVO has evolved from a music collective into a fully-fledged lifestyle company with retail stores across Toronto, Mississauga, Ottawa, Calgary, and British Columbia, along with international locations in Los Angeles, New York, Las Vegas, and London.
Under the leadership of CEO Derek “Drex” Jancar, OVO will continue to scale its global e-commerce business, expand partnerships, and grow its physical retail footprint, with the help of the new A.R.I. funds, according to a press release.
“OVO represents the next generation of Canadian entrepreneurship,” said Dr. Ellison. “Drake, Oliver, and 40 created something culturally unparalleled, and Drex is now scaling that vision with remarkable discipline and strategic clarity. It’s a rare combination, and one that A.R.I. is proud to support.”
Financial terms of the investment were not disclosed.
Van Cleef & Arpels has unveiled a new boutique at The Mall in Short Hills, New Jersey, expanding the Maison’s retail presence in the United States.
Van Cleef & Arpels opens new boutique in Short Hills, New Jersey. – Van Cleef & Arpels
“We are overjoyed to open our new boutique in Short Hills, offering our cherished clients a new space to discover the magic and artistry of Van Cleef & Arpels,” said Helen King, president and CEO of Van Cleef & Arpels Americas. “This boutique embodies our dedication to exceptional craftsmanship and timeless beauty, providing an immersive journey into our universe.”
Spanning more than 3,000 square feet, the boutique houses the Maison’s High Jewelry, fine jewelry, and watchmaking collections. The interior is anchored by a Veronese two-tier chandelier set beneath a shimmering gold-leaf ceiling, complemented by hand-painted wallpaper, elegant dome fixtures, and a grand central display.
Additional design elements include full-height wallpapers, mirror panels, curated libraries, Veronese sconces, refined lighting, and subtle Van Cleef & Arpels iconography, all set atop rich black hardwood flooring.
Six sales desks are distributed throughout the space, with four positioned at the front and framed by bespoke libraries. Two discreet sales rooms are tucked toward the rear, while a private sitting salon is revealed through a hidden library.
At the back of the boutique, the Poetic Salon provides an intimate setting to encourage discovery and conversation. Lastly, a newly introduced powder room concept adds a contemporary touch, featuring fluted wall tiles and a freestanding Art Deco–inspired vanity.
Meanwhile, the boutique’s exterior is characterized by a distinctive gradient black to gold diamond metal façade, complemented by four showcase windows and decorative metal screens framing the entrance.
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