Saks Reveals $100 Million Loss in No-Questions Creditor Call

Saks Global Enterprises told creditors it had an adjusted loss of more than $100 million last fiscal year, one day after it announced a $350 million financial lifeline ahead of a looming coupon payment.

The luxury retailer has $275 million in overdue payments to suppliers, management told bondholders in a Friday call where it also shared figures from the 12-month period ended Feb. 1, according to people with knowledge of the call’s contents. Combined with results from recently acquired Neiman Marcus, the company recorded $161 million in adjusted earnings last year, Saks reported.