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Saks Global Says It Will Emerge From Bankruptcy This Summer
The luxury retailer, which went Chapter 11 in January, announced Thursday that it has secured $500 million in exit financing.
The Neiman Marcus store at The Shops At Clearfork in Fort Worth, Texas. Neiman Marcus’ parent company, Saks Global, has secured funding from an ad hoc group of its senior secured bondholders. The company said it expects to file its reorganization plan in the coming weeks and emerge from bankruptcy this summer.
New York—Saks Global announced Thursday that it has secured $500 million in exit funding from a group of its creditors and plans to emerge from bankruptcy this summer.
The luxury retailer filed for Chapter 11 bankruptcy protection back in January.
Since its filing, Saks Global has been working on repairing relationships with key brands, relationships that were damaged by the retailer’s failure to pay its vendors.
On Tuesday, it said more than 650 brands had resumed shipping merchandise to its retailers—up from 500 a month ago—releasing $1.5 billion in retail receipts. This accounts for more than 90 percent of the retailer’s expected inventory for the first quarter of fiscal year 2026.
Because brands have resumed shipping to Saks Global’s retailers, the company said its March inventory receipts are up 18 percent year-over-year.
Having fresh inventory in its stores is leading to “improved customer engagement,” the company said.
Customers are spending 6 percent more per store visit, online conversion rates have jumped 11 percent, and there have been “significant improvements” in full-price selling compared with the same period last year, the company said.
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The luxury retailer filed for Chapter 11 bankruptcy protection back in January.
Since its filing, Saks Global has been working on repairing relationships with key brands, relationships that were damaged by the retailer’s failure to pay its vendors.
On Tuesday, it said more than 650 brands had resumed shipping merchandise to its retailers—up from 500 a month ago—releasing $1.5 billion in retail receipts. This accounts for more than 90 percent of the retailer’s expected inventory for the first quarter of fiscal year 2026.
Because brands have resumed shipping to Saks Global’s retailers, the company said its March inventory receipts are up 18 percent year-over-year.
Having fresh inventory in its stores is leading to “improved customer engagement,” the company said.
Customers are spending 6 percent more per store visit, online conversion rates have jumped 11 percent, and there have been “significant improvements” in full-price selling compared with the same period last year, the company said.
Saks Global also is in the process of closing underperforming locations and narrowing its focus to its core banners: Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman.
The company began announcing store closures in January, initially saying it would ax eight Saks Fifth Avenue locations (full list here) and the Neiman Marcus store in Boston’s Copley Place.
In March, it said it planned to close 15 more stores: 12 Saks Fifth Avenue and three Neiman Marcus locations, though it later reversed course on three of those stores.
The closures will leave Saks Fifth Avenue with 15 stores, less than half the number it had when it filed for bankruptcy (about 33, according to The Wall Street Journal), and Neiman Marcus with 33 stores.
Saks Global also said it will close all but three of its Fifth Avenue Club personal styling suites, most Saks Off Fifth stores, and all Last Call stores. (Last Call was Neiman Marcus’ off-price chain.)
The Horchow website has been shut down, with customers redirected to the Neiman Marcus website, as has the Saks Off Fifth website.
There have been no changes announced for Bergdorf Goodman, which has two stores across the street from each other in New York City, one catering to women and the other to men.
“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,” Saks Global CEO Geoffroy van Raemdonck said in the news release announcing the financing.
“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.”
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