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Saks Global Secures $500 Million in Financing, Emergence from Chapter 11 Expected This Summer April 05, 2026 (0 comments)
NEW YORK, NY--Saks Global Enterprises LLC said Thursday it has entered a “Restructuring Support Agreement” with a group of bondholders that have committed $500 million in exit financing upon its emergence from chapter 11.
“Achieving this important milestone underscores the progress we are making on our transformation and reflects our capital partners' confidence in our go-forward vision, guided by our relentless devotion to the luxury customer,” Geoffroy van Raemdonck, CEO of Saks Global, said in a press release issued Thursday. “As we advance the restructuring process and position Saks Global for the future, our focus remains on strengthening our brand partner relationships and delivering an expertly curated product assortment and personalized service for our luxury customers across Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman.”
Saks Global further said it expects to file a reorganization plan “in the coming weeks,” adding that it plans to “achieve double-digit adjusted EBITDA margin and drive sustainable growth.”
The luxury retail company said that upon its emergence from Chapter 11 bankruptcy this summer, it will be well-positioned to drive profitability through a stable financial foundation, an integrated retail mode and a curated product assortment, among other initiatives.
The company said it has already strengthened its brand partner relationships, resulting in more than 650 brands resuming shipping merchandise, releasing $1.5 billion in retail receipts, accounting for more than 90% of the retailer's expected inventory for the first quarter of Fiscal 2026.
"In a short period of time, we’ve taken decisive actions and made meaningful progress in stabilizing the business and strengthening our relationships with brand partners," van Raemdonck said. "While it will take time to fully realize the benefits of this progress, our sales and inventory results continue to outperform our internal plans. This, along with the committed capital we have secured, provides us with sufficient liquidity to complete a successful restructuring and advance our ongoing transformation to ensure a strong future for Saks Global.”