Saks Global, facing financial challenges following its acquisition of Neiman Marcus Group, has raised concerns about its ability to make its initial interest payment of $120 million to bondholders at the end of June. The company's bond, due in 2029, is trading significantly below par value, indicating investor concerns.
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Saks is using the same law firm that Neimans did when they went through the 2020 bankruptcy. Expect retiree benefits to get slashed, non-severance layoffs, furloughs and skeleton crews on the Neiman side of business. Meanwhile watch the execs gut the company for bonuses.