Saks CEO steps down as retailer mulls bankruptcy filing

The article reports Saks's CEO has stepped down as the company reviews options including a possible Chapter 11 filing after missing an interest payment of over US$100 million.

Saks's chief executive has stepped down as the company faces reported financial pressure and creditor talks. Bloomberg reported the retailer missed an interest payment of more than US$100 million. The company is reported to be weighing options including emergency financing, asset sales or Chapter 11 bankruptcy after a June debt restructuring. What is known: - The article reports the CEO has stepped down. - Bloomberg reported Saks missed an interest payment of over US$100 million and is negotiating with creditors. - Reported options under consideration include raising emergency funds, selling assets or filing for Chapter 11 bankruptcy. - The possible bankruptcy filing would come after a June debt restructuring that imposed losses on some creditors and added new senior debt. Summary: The leadership change coincides with reported missed payments and ongoing negotiations with creditors as Saks evaluates options including bankruptcy, asset sales or emergency financing. Undetermined at this time.