Vince Phelan, CFO, said, “Given our strong market position and the improving economic environment, Saks is poised to lead in luxury e-commerce. These transactions and their favorable terms are a reflection of the strength of our business and capital position. Furthermore, this financing combined with cash we already have on hand ensures we have substantial liquidity and flexibility to execute on our strategic plans and build on the upward trajectory we are already seeing in our business.”
The business was spun off from Hudson’s Bay Co. (HBC).
The asset-based revolving credit facility, undrawn at closing, remains available to Saks for general corporate purposes or growth initiatives. A portion of the proceeds from the term loan will be used to fund certain obligations to HBC in connection with the company’s recent transaction, and the remaining amount will be available to Saks.
Photo courtesy Saks
