Last week, Saks Global C.E.O. Marc Metrick commenced layoffs of more than 500 employees—the latest in a series of steps to shore up the company’s balance sheet as it struggles to reassure creditors that it can repay its $2.2 billion bond, due in 2029. A few days later, Metrick sent a note to investors and brand partners, insisting that the company’s $400 million of liquidity was more than enough “to service our debt while investing in our future growth.” He focused on various “synergies” (also known as layoffs) and cost-saving initiatives after absorbing Neiman Marcus Group and Bergdorf Goodman. Investors were somewhat placated, and the value of the bond ticked up about 10 cents.