THE WHAT? Rumors have been swirling around the financial stability of department store chain Saks with several beauty brands said to have placed the US retailer on credit hold. However, owner HBC has announced that it will pump US$340 million in cash into its retail operations thanks to the sale of assets from its US$7 billion real estate portfolio.

THE DETAILS According to a report published by WWD, the money will be invested in Saks’ luxury digital retail arm. Details of the specific properties sold have not been disclosed.

THE WHY? CEO Richard Baker told WWD, “HBC is a holding company. Our largest business is our real estate business… We own US$7 billion in real estate. We regularly monetize, on a pre-organized campaign, our real estate assets.”