Companies

Saks Global secures court approval for bankruptcy restructuring

Jun 11, 2026 United States

The US multi-brand luxury retailer has secured court approval for its restructuring plan. This positions Saks Global to emerge from Chapter 11 with almost 75% less debt and broad creditor support

The US Bankruptcy Court for the Southern District of Texas has approved the company’s Plan of Reorganisation, which was supported by participating creditors across its capital structure – the majority of whom voted in favour.

Saks Global, which filed for Chapter 11 protection in January 2026 to restructure its balance sheet, is now on track to emerge from bankruptcy in the coming weeks. The approved plan has enabled the company to reduce its debt by nearly 75% and strengthen its 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 of Saks Global.

According to the statement, the restructuring will provide greater financial flexibility to support operations, strategic investments, and long-term growth. Saks Global has also reaffirmed its goal of achieving a gross merchandise value of 9 billion US dollars and double-digit adjusted EBITDA by the end of the 2030 fiscal year.

Since entering Chapter 11, the company has taken steps to streamline its operations and strengthen its business. These steps include optimising its store and supply chain network, reinforcing relationships with luxury brand partners, and reducing its exposure to off-price retail in order to focus on luxury and full-price sales.

Image Credits: drapersonline.com

United States Bankruptcy Companies Luxury Retail Saks Global