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I Wanna Saks You Up

As Saks Global’s June interest payment closes in, I spoke with former M&A banker Bill Cohan about the red flags flying on Wall Street, whether Saks should pay their creditors on time, and if a restructuring is inevitable.

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Richard Baker, Marc Metrick
Soon after the deal closed, Saks Global C.E.O. Marc Metrick, right, sent a Valentine’s Day love letter to brands, noting that much of the pre-deal money that was owed to them—tens of millions of dollars, in some cases—would not be paid for months, and in reality, years. Photo: Benjamin Lozovsky/BFA.com
Lauren Sherman
&
William D. Cohan
May 29, 2025

Last December, I asked my Puck partner Bill Cohan if he had any intel on a bond issued by Saks Global, the newly formed entity created to acquire Neiman Marcus Group. Bill, of course, is the wizard behind Dry Powder, the preeminent private email on Wall Street. Before that, he was an investment banker for 25 years at Lazard, JPMorgan Chase, etcetera, working on everything from M&A to restructuring. What were his banker sources and pals telling him about Saks Global’s current situation?

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