Saks Global Enterprises tapped PJT Partners, Kirkland & Ellis and Bank of America Corp. to help it explore ways to raise new financing alongside the asset-based loan it is pursuing, according to a person with knowledge of the matter.
The advisers will serve to help Saks assess its options for boosting liquidity as economic pressures, including President Donald Trumpâs trade policies, weigh on the US retail sector, said the person, who asked not to be identified discussing private business decisions.
Representatives for PJT, Kirkland and Bank of America didnât immediately respond to requests for comment.
Saks told investors on a call last month it was considering raising a so-called first-in, last-out loan under the $1.8 billion borrowing capacity of its existing revolving credit facility, and that it was mulling a sale of some of its real estate assets to shore up its finances.
In a separate interview with Bloomberg News, chief executive officer Marc Metrick said the company would target a size of about $350 million for that loan.
The moves come as bonds Saks sold to finance its $2.7 billion acquisition last year have lost almost half their value since they were issued in December.
The company, whose portfolio includes Saks Fifth Avenue and Bergdorf Goodman, bought Neiman Marcus in a play to expand its luxury offerings.
By Eliza Ronalds-Hannon
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