Companies

Saks Global moves closer to exiting bankruptcy

May 7, 2026 United States

The US multi-brand luxury retailer is one step closer to exiting Chapter 11 bankruptcy protection, having received court approval for its disclosure statement. This will allow creditors to vote on its restructuring plan

“Court approval of the disclosure statement marks another key milestone in Saks Global’s restructuring process”, reads the company’s statement. It follows the amendment of the initial plan-related materials filed last month, providing greater detail on its future financial structure and long-term strategy.

The group, which includes Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, said it remains on track to emerge from bankruptcy later this year.

The proposed five-year plan includes emerging from Chapter 11 with close to 700 million US dollars in liquidity, generating 9 billion US dollars in gross merchandise value by fiscal year 2030, and achieving double-digit adjusted EBITDA through cost optimisation and a focus on the core luxury business.

The company said that its capital partners and the Unsecured Creditors’ Committee, which includes leading luxury brands, support the plan following an agreement that resolved all outstanding issues between the parties.

“We have made remarkable progress over the past three and a half months, and I am grateful for the dedication and focus of our talented teams. As we execute our business plan to achieve our financial targets, we will keep our customers at the center of everything we do”, said Geoffroy van Raemdonck, CEO of Saks Global.

He added: “We appreciate the confidence in our Plan by key financial stakeholders and look forward to garnering additional support”.

Image Credits: houstonchronicle.com

United States Bankruptcy Companies Luxury Saks Global