Cash-Strapped Saks Skips Bond Payment Amid Talks With Creditors

Saks Global Enterprises, the cash-strapped retailer, skipped an interest payment to bondholders totaling more than $100 million that was due Tuesday as it looks to negotiate a deal with creditors, according to people familiar with the situation.

The luxury department-store chain is now operating under a grace period amid restructuring talks, said the people, who asked not to be identified discussing a private matter.

A representative for Saks, which is based in New York, declined to comment, as did PJT Partners, which is advising the company.

Saks has been weighing options to shore up liquidity, including raising emergency financing ...