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Make-Up Saks

News and notes on the latest creditor-on-creditor violence taking place at Marc Metrick’s debt-stacked baby, Saks Global—including a new twist in the form of a potential big short.

Marc Metrick Saks
Obviously the S&P Global downgrade was not good news for Saks Global, and Marc Metrick knew it. Just as the report started to circulate, Metrick issued a statement to Saks’ “valued partners” declaring that the company had “made progress” in “executing our transformation strategy.” Photo: Joe Schildhorn/BFA
William D. Cohan
July 13, 2025

I couldn’t help but be impressed by a bit of financial jujitsu that the executives over at Saks Global pulled off last week, all with the help of their expert team of advisors. Designed by the experienced duo of David Nemecek at Kirkland & Ellis and Jamie Baird at PJT Partners, Saks Global is in the process of executing an exchange offer for its $2.2 billion of bonds. The deal is expected to close next month.