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.