According to a Wall Street Journal report on January 1, Saks Global, the parent company of luxury department store chain Saks, is preparing to file for bankruptcy in the coming weeks after failing to make an interest payment on bonds tied to its acquisition of Neiman Marcus. The company missed a bond interest payment of more than $100 million on Tuesday and is now negotiating with creditors to secure financing for the bankruptcy process. Over the past year, weakening luxury demand has weighed on the business, and the company had tried to sell assets such as Bergdorf Goodman to ease its debt burden.
Many of us probably have a stash of Saks gift cards on hand, along with an AMEX Platinum credit card. If you can still use them, it’s best to do so as soon as possible, since things could get messy if the company goes bankrupt.
If you can’t use your Saks gift cards, you can also sell them.
