Companies

Saks taps final 300 million USD of financing package

Mar 19, 2026 United States

The multi-brand luxury retail company has drawn an additional 300 million US dollars of its 1.75 billion US dollars Chapter 11 financing package, bringing it closer to exiting bankruptcy

According to a statement from Saks Global, an ad hoc group of the company’s senior secured bondholders has approved its five-year business plan. This allows the company to secure access to the pre-emergence financing package, providing it with sufficient liquidity to support ongoing operations and advance its transformation strategy.

“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”, commented Geoffroy van Raemdonck, CEO of Saks Global, which owns Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman banners.

The luxury retailer has strengthened its partnerships with brands to increase the flow of inventory, with almost 600 brands releasing merchandise worth 1.4 billion US dollars. The company is also optimising its store portfolio by focusing on its most successful locations, shifting its attention towards full-price luxury by reducing its off-price operations, and streamlining its supply chain to enhance speed, customer experience, and efficiency.

Over the next few weeks, court filings are expected to include details of the approved business plan for the company's continued reorganisation. This plan assumes growth and profitability, fuelled by a strong liquidity position, according to the statement.

“With continued strong support from our capital partners, we are laying the path to realize the combined full potential of our three banners, achieve double-digit adjusted EBITDA margin and drive profitable and sustainable growth. As we continue to secure a bright future for Saks Global (…), we are focused on delivering an expertly curated assortment and personalized service across Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman”, added Geoffroy van Raemdonck.

Image Credits: downtownbellevue.com

United States Bankruptcy Companies Luxury Saks Global