Saks needs a 'true merchant' CEO as it prepares for possible Chapter 11, analyst says

Bloomberg reports Saks Global Enterprises is seeking about $1 billion in financing as it prepares for a possible Chapter 11 filing, and retail analyst Mary Epner said the company needs a CEO with strong merchant experience.

Saks Global Enterprises is reported to be in talks to secure about $1 billion in financing as it prepares for a possible Chapter 11 filing. Bloomberg News is the source cited for the financing and bankruptcy preparation details. Retail analyst Mary Epner of the Fashion Institute of Technology said the company needs leadership steeped in its products to run the business. The reporting was summarized by Alex Cohen. Key facts: - Saks Global Enterprises is reported to be in talks to secure about $1 billion in financing. - The company is preparing for a possible Chapter 11 bankruptcy filing, according to Bloomberg. - Retail analyst Mary Epner said Saks needs a CEO with deep merchant experience. Summary: Officials report the company is pursuing financing while preparing for a potential Chapter 11 filing. The analyst's comments focus on the importance of merchant-focused leadership. Undetermined at this time.