Saks Global enters $500M restructuring agreement
Saks Global Enterprises LLC is taking another step toward solvency.
The multi-brand luxury retail company has entered into a restructuring support agreement with an ad hoc group of its senior secured bondholders who have committed to provide $500 million in exit financing upon Saks’ emergence from Chapter 11 bankruptcy.
Saks Global Enterprises, the parent company of Saks Fifth Avenue, Saks Off 5th, Neiman Marcus and Bergdorf Goodman, filed for Chapter 11 bankruptcy protection in January 2026.
[READ MORE: Saks files for bankruptcy protection]
At that time, the company secured approximately $1.75 billion in financing from a group of its bondholders to strengthen its balance sheet and allow it to operate during the bankruptcy process. The company also named Geoffroy Van Raemdonck, who led Neiman Marcus Group prior to its acquisition by Saks in 2024, as CEO.
Before the Chapter 11 filing, Saks Global had struggled with a heavy debt load following its $2.7 billion purchase of Neiman Marcus Group. More recently, it reportedly had been struggling to pay vendors, with many brands stopping shipping new inventory to its stores.
In March 2026, Saks Global gained access to an additional $300 million of the $1.75 billion in committed capital it secured in January when it filed for its restructuring in January. Saks Global said it was able to secure the funds following approval of its five-year business plan from a group of senior secured bondholders and the “achievement of other key milestones.”
The key elements of the plan, which assumes growth and profitability fueled by a strong liquidity position, will be included in the company’s reorganization plan
Now, Saks anticipates filing a plan of reorganization in the coming weeks that will include goals of achieving double-digit adjusted EBITDA margin and driving sustainable growth.
Upon its expected emergence from bankruptcy in summer 2026, Saks Global expects to have a stable financial foundation with a right-sized capital structure and sufficient liquidity to invest in key areas of the business; as well as an integrated retail model encompassing an optimized store footprint, e-commerce platforms and remote selling services.
Since filing Chapter 11, Saks says more than 650 brands have resumed shipping merchandise, releasing $1.5 billion in retail receipts for an 18% year-over-year improvement. The company also says new inventory is leading to improved customer engagement with a 6% increase in customer spend per store visit, an 11% increase in online conversion and improvements in full-price selling across its banners since the filing compared to the same period last in 2025.
Saks has also been downsizing its footprint. The retailer is in the process of closing 20 Saks Fifth Avenue stores and four Neiman Marcus locations. It also is significantly scaling back its off-price presence as it focuses on luxury and full-price retail, closing the majority (57) of Saks Off 5th stores and four Last Call stores.
The retailer is also streamlining its supply chain network, prioritizing three go-forward distribution and service center facilities — in Texas, Pennsylvania and California — which have been significantly invested in over recent years, to support faster shipping, improve the customer experience and drive cost efficiencies.
"Achieving this important milestone underscores the progress we are making on our transformation and reflects our capital partners' confidence in our go-forward vision, guided by our relentless devotion to the luxury customer," said Geoffroy van Raemdonck, CEO of Saks Global. "As we advance the restructuring process and position Saks Global for the future, our focus remains on strengthening our brand partner relationships and delivering an expertly curated product assortment and personalized service for our luxury customers across Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman."
Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as investment banker, Berkeley Research Group is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to Saks Global.
Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Frères & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst CNC is serving as strategic communications advisor to the ad hoc group of bondholders.
Saks Global comprises Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman and Saks Off 5th.
