US’ Saks Global secures $500 mn as it eyes post-bankruptcy exit

American multi-brand luxury retailer Saks Global Enterprises LLC has entered into a restructuring support agreement with an ad hoc group of senior secured bondholders, securing a commitment of $500 million in exit financing as it progresses through Chapter 11 bankruptcy proceedings, with plans to emerge by summer.

The company said the agreement marks a key milestone in its transformation journey, reflecting continued support from capital partners.

Saks Global has secured $500 million in exit financing under a restructuring support agreement as it progresses through Chapter 11, targeting emergence by summer.
The company is advancing its reorganisation plan, strengthening brand partnerships and inventory flows, with over 650 brands resuming shipments.
Improved inventory has boosted customer engagement, while it aims for double-digit EBITDA margins.

“Achieving this important milestone underscores the progress we are making on our transformation and reflects our capital partners’ confidence in our go-forward vision,” said Geoffroy van Raemdonck, CEO at Saks Global.

Saks Global is currently engaging with stakeholders on a formal Plan of Reorganisation, expected to be filed in the coming weeks. The retailer aims to emerge from Chapter 11 by summer with a strengthened financial structure, targeting double-digit adjusted EBITDA margins and long-term sustainable growth, the company said in a press release.

The company plans to leverage an integrated retail model, combining optimised physical stores in key luxury markets with distinct e-commerce platforms and remote selling capabilities. It also intends to enhance its curated product offering through stronger brand partnerships and deeper customer insights.

Operationally, Saks Global reported progress since filing for bankruptcy protection. Over 650 brand partners have resumed shipments, unlocking $1.5 billion in retail receipts and covering more than 90 per cent of expected inventory for the first quarter of fiscal 2026. March inventory receipts rose 18 per cent year on year (YoY).

Improved inventory flow has translated into stronger customer engagement, with spend per store visit increasing 6 per cent and online conversion rising 11 per cent. The company also noted gains in full-price selling across its banners, including Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman.

“As we advance the restructuring process, our focus remains on strengthening brand relationships and delivering personalised luxury experiences,” added van Raemdonck, highlighting confidence in completing the restructuring with sufficient liquidity and positioning the business for future growth.

Fibre2Fashion News Desk (SG)