Saks Global secures $500 million in exit financing from bondholders

Investing.com -- Saks Global Enterprises LLC announced Thursday that it has entered into a Restructuring Support Agreement with a group of its senior secured bondholders, who have committed to provide $500 million in exit financing upon the company's emergence from chapter 11.

The multi-brand luxury retail company, which operates Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, said the agreement reflects its capital partners' confidence in its future strategy.

Geoffroy van Raemdonck, CEO of Saks Global, said the company is advancing the restructuring process while focusing on strengthening brand partner relationships and delivering curated products and personalized service for luxury customers.

The company is working with its capital partners and financial stakeholders on a Plan of Reorganization, which it expects to file in the coming weeks. Saks Global anticipates emerging from bankruptcy this summer.

Since filing for chapter 11, more than 650 brands have resumed shipping merchandise to Saks Global, releasing $1.5 billion in retail receipts. This represents more than 90% of the retailer's expected inventory for the first quarter of Fiscal 2026 ending on May 2.

March inventory receipts increased 18% year-over-year. The company also reported a 6% increase in customer spend per store visit, an 11% increase in online conversion and improvements in full-price selling across its luxury retail banners since the filing compared to the same period last year.

Van Raemdonck said sales and inventory results continue to outperform internal plans, and the committed capital provides sufficient liquidity to complete the restructuring.

Upon emergence, Saks Global plans to operate with a right-sized capital structure, an optimized store footprint in markets with high concentrations of luxury customers, and distinct e-commerce platforms.

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