Saks World Enterprises tapped PJT Companions, Kirkland & Ellis and Financial institution of America Corp. to assist it discover methods to lift new financing alongside the asset-based mortgage it’s pursuing, in keeping with an individual with information of the matter.
The advisers will serve to assist Saks assess its choices for reinforcing liquidity as financial pressures, together with President Donald Trump’s commerce insurance policies, weigh on the US retail sector, mentioned the particular person, who requested to not be recognized discussing non-public enterprise selections.
Representatives for PJT, Kirkland and Financial institution of America didn’t instantly reply to requests for remark.
Saks instructed buyers on a name final month it was contemplating elevating a so-called first-in, last-out mortgage underneath the $1.8 billion borrowing capability of its current revolving credit score facility, and that it was mulling a sale of a few of its actual property property to shore up its funds.
In a separate interview with Bloomberg Information, chief govt officer Marc Metrick mentioned the corporate would goal a measurement of about $350 million for that mortgage.
The strikes come as bonds Saks offered to finance its $2.7 billion acquisition final 12 months have misplaced nearly half their worth since they have been issued in December.
The corporate, whose portfolio consists of Saks Fifth Avenue and Bergdorf Goodman, purchased Neiman Marcus in a play to develop its luxurious choices.
By Eliza Ronalds-Hannon
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