Saks.com secures $60 million in incremental liquidity from Bank of America and Pathlight.
Saks.com has secured a significant capital infusion from a syndicate of lenders to improve the luxury website’s liquidity, WWD has learned.“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. “The additional capital enhances our financial position as we continue to navigate the challenging macro-environment.
The syndicate of investors also includes Story3 Capital Partners, an active dealmaker in the consumer sector and also works as industry advisers to CEOs, boards, founders and investors. 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 Harry’s, a men’s shaving, hair and body care company.
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