Saks Global’s bonds deepened their selloff on 28 April after the luxury retailer held a call with debt investors and provided flash commentary for the fourth quarter ended 1 February.

Management said that the company’s liquidity — comprised entirely of its $400m in ABL availability — should be sufficient through the end of year, according to 9fin sources.

Saks also said there may be higher payable balances with vendors, which would in turn lead to cash outflow, without quantifying it, sources said.