2 hours ago
Saks Global has secured an additional $300 million from its $1.75 billion bankruptcy financing package following bondholder approval of its five-year plan.
The luxury retailer, which filed for Chapter 11 bankruptcy protection in January 2026, stated that this latest funding tranche completes its “pre-emergence financing package,” ensuring sufficient liquidity to maintain operations and support ongoing restructuring efforts.
Previously, the company indicated that the financing was necessary to rebuild vendor relationships and provide time to renegotiate its debt obligations.
Key elements of the business plan, supported by an ad hoc group of senior secured bondholders and focused on growth and profitability enabled by improved liquidity, will be incorporated into Saks Global’s plan of reorganization.
The company expects to submit this plan to the US Bankruptcy Court for the Southern District of Texas in the coming weeks.
Since mid-January, Saks Global has taken several steps to advance its restructuring. Efforts to strengthen relationships with brand partners have resulted in nearly 600 brands resuming shipments and the release of $1.4 billion in retail receipts.
Merchandise receipts increased by nearly 60% in March month-to-date compared with the same period last year.
The company has also progressed in optimizing its Saks Fifth Avenue and Neiman Marcus store networks, focusing on stronger-performing locations in key luxury markets.
Its off-price segment has been reduced to 12 locations, primarily serving as outlets for residual inventory.
Saks Global CEO Geoffroy van Raemdonck said: “We have made significant progress over the past two months as we work to position Saks Global for the future, quickly stabilizing our business, improving inventory flow, and investing in our transformation.”
Additionally, Saks Global has streamlined its supply chain operations by consolidating them into three distribution and service centers located in Texas, Pennsylvania, and California to enhance delivery times, customer experience, and cost efficiency.
The retailer stated that these financing and operational measures enable it to continue its restructuring process while maintaining business continuity.
"Saks Global secures additional $300m from bankruptcy financing package" was originally created and published by Retail Insight Network, a GlobalData owned brand.
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