Saks.com Secures Additional Liquidity
Summary
Saks.com has secured a significant capital infusion from a syndicate of lenders to improve the luxury websites liquidity, WWD has learned.The syndicate is led by Pathlight and Bank of America.As expected, Saks has closed a transaction with Pathlight Capital and Bank of America, securing up to $60 million in incremental liquidity while maintaining our low debt levels, a Saks.com spokesperson told WWD on Monday. As longtime financing partners to Saks, we are grateful for Pathlight and Bank of Americas continued confidence in our business.Specifically, Saks has expanded its term loan facility with Pathlight, bringing the total borrowings under the facility to $215 million, reflecting what the company described as low debt levels relative to the size of our business. That should give people more comfort if they need it.Pathlight Capital is a private credit investment manager dedicated to meeting the needs of companies that operate across a broad range of industries by providing asset-based loans. The firm has investments in Recover, a textile recycling company; Renew, a dental implant company; Coco Republic, a furniture, home decor and interior design firm; Figs, a direct-to-consumer health care apparel and lifestyle brand, and Harrys, a mens shaving, hair and body care company.In a statement from Story3 on Monday, the firm indicated, This investment provides liquidity for Saks next wave of growth including support for its distinguished product curation-driven partnerships with the worlds leading luxury brands. As new international regions become enchanted with the culture of fashion, no one is better positioned to be the beacon of taste and omnichannel excellence than Saks.Samir Shah, Story3 partner, added: With decades of experience around the consumer landscape, Story3 believes in the convergence of consumer brands, digital media, and technology to succeed in todays disrupted world and supports its investments to excel in each of those facets to create enduring value.