Saks Global Secures Court Approval of Plan of Reorganization, Paving the Way for Emergence

Company remains on track to exit chapter 11 in the coming weeks with debt reduced by nearly 75% and a clear path toward profitable and sustainable growth

NEW YORK, June 5, 2026 /PRNewswire/ -- Saks Global Enterprises LLC ("Saks Global" or the "Company"), a leading multi-brand luxury retail company, today received approval of its Plan of Reorganization (the "Plan") from the U.S. Bankruptcy Court for the Southern District of Texas. The Plan gained support across the capital structure from participating creditors, the overwhelming majority of which voted in favor. Confirmation of the Plan paves the way for Saks Global to exit chapter 11 in the coming weeks with a strengthened financial foundation.

"Securing approval of our Plan is an incredible achievement for Saks Global, and the broad-based support we have received from our capital partners, brand partners and other key stakeholders reflects confidence in our future," said Geoffroy van Raemdonck, Chief Executive Officer, Saks Global. "With our capital partners' commitment and the dedication of our talented team, we are on track to emerge as a stronger, more focused company, poised for profitable and sustainable growth. I firmly believe in Saks Global's enduring role as a leader in the luxury retail ecosystem, delivering exceptional experiences for customers and serving as the premier gateway to the U.S. luxury consumer for our brand partners. I am confident we are well positioned to define the future of luxury retail."

At emergence, the Company's debt will be reduced significantly – by nearly 75% – and Saks Global will have the liquidity necessary to support its operations and invest in its future. The Plan establishes the foundation for the Company to accelerate sales growth, with a focus on strong full-price selling, and to generate $9 billion in total Gross Merchandise Value and double-digit adjusted EBITDA by fiscal year 2030.

Brandy Richardson, Chief Financial Officer, Saks Global, added, "With significantly reduced debt on the Company's balance sheet at emergence and having already achieved substantial cost savings through the optimization of our footprint, operations and organization, our business is well positioned for future success. We are grateful for the support of all of our stakeholders, including our capital partners and brand partners, and look forward to driving profitable growth as a stronger Saks Global, leveraging our distinct and differentiated assets."

In less than five months, Saks Global has made significant progress evolving its business to support a more sustainable future, including:

• Establishing a strong financial foundation, with an improved capital structure and the liquidity necessary to invest in the core areas of the business to support long-term growth.
  
  
• Strengthening its valued brand partner relationships, facilitating delivery of an expertly curated product assortment and providing access to the Company's loyal customers across the U.S.
  
  
• Optimizing its store footprint and supply chain network to support its integrated retail model, which is anchored by the Company's best-performing stores in markets with a high concentration of luxury customers, as well as distinct e-commerce platforms and remote selling services.
  
  
• Focusing on its core luxury business, by streamlining the majority of Saks Global's off-price business to prioritize luxury and full-price selling and right sizing the Company's corporate team to align with this go-forward strategy.

The Company's actions are translating into sustained momentum across numerous areas of the business. Saks Global's go-forward store sales continue to show steady improvement, reflecting stronger customer engagement as a result of increased inventory. With a strong plan for the future, Saks Global is well positioned for profitable and sustainable growth, poised to become the leading multi-brand luxury retailer in the U.S.

Advisors
Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as investment banker, Berkeley Research Group is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company.

Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Frères & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst CNC is serving as strategic communications advisor to the ad hoc group of the company's senior secured bondholders. 

About Saks Global
Saks Global is a leading multi-brand luxury retailer in the world, comprising Neiman Marcus, Saks Fifth Avenue, Bergdorf Goodman and Saks OFF 5TH. Powered by our talented colleagues, we are redefining luxury shopping by offering each customer a personalized experience across our store network and e-commerce platforms. Through strong partnerships with the world's most esteemed brands, cutting-edge technology and the industry's most comprehensive luxury customer data, Saks Global is shaping the future of retail.

For more information, visit SaksGlobal.com and follow Saks Global on LinkedIn.

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SOURCE Saks Global