Saks Global has secured $500 million in exit financing from an ad hoc group of its senior secured bondholders. The financing will be provided upon Saks Global’s emergence from Chapter 11 bankruptcy, which is now expected to take place this summer.
Saks Global filed for bankruptcy in January 2026, a little over one year after it had completed its acquisition of Neiman Marcus Group, a move that significantly increased the company’s debt load.
Now, the luxury retailer, with banners including Saks Fifth Avenue and Bergdorf Goodman, is touting the progress it’s made since the Chapter 11 filing, including an 18% year-over-year increase in March inventory receipts and a 6% increase in customer spend per store visit.
“In a short period of time, we’ve taken decisive actions and made meaningful progress in stabilizing the business and strengthening our relationships with brand partners,” said Geoffroy van Raemdonck, CEO of Saks Global in a statement. “While it will take time to fully realize the benefits of this progress, our sales and inventory results continue to outperform our internal plans. This, along with the committed capital we have secured, provides us with sufficient liquidity to complete a successful restructuring and advance our ongoing transformation to ensure a strong future for Saks Global.”
The bankruptcy had raised concerns among Saks Global’s suppliers, with many halting shipments until the financial situation was resolved. In January 2026, a 10-member creditor committee was set up by the U.S. Trustee’s Office in the Department of Justice to weigh in on the Saks Global bankruptcy, with members including Amazon, Chanel, LVMH and Brookfield Properties Retail.
Now, in addition to boosting sales and engagement, Saks Global has strengthened its brand partner relationships, resulting in more than 650 brands resuming shipping merchandise, releasing $1.5 billion in retail receipts and accounting for more than 90% of the retailer’s expected inventory for Q1 2026, which will end on May 2, 2026.
In January 2026 Saks Global moved to exit the off-price retail sector, closing five remaining Last Call stores and the majority of the 57 Saks Off 5th locations.
