Exclusive | Saks owner races to raise $1B in financing as CEO steps down: sources

The owner of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman is in a race to land more than $1 billion in rescue financing from new and existing investors – even as the company announced its CEO is stepping down, The Post has learned. 

The luxury giant needs a cash infusion to pay off a slew of debts that include a $100 million interest payment to bondholders that came due earlier this week. The company also owes millions to vendors, many of whom have not been paid in full for more than a year.