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Saks Global Says It Will Emerge From Bankruptcy This SummerMajorsJun 10, 2026
Saks Global Receives Bankruptcy Court Approval for Reorganization
The approval means the retailer is on track to exit bankruptcy proceedings this summer.
Saks Global, parent company of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, is on the way to exiting bankruptcy after receiving bankruptcy court approval for its reorganization plan.
New York—Saks Global has received bankruptcy court approval for its reorganization plan, and could exit bankruptcy in a few weeks.
The retailer announced last week that the U.S. Bankruptcy Court for the Southern District of Texas approved its plan, which also has support from an “overwhelming majority” of its creditors.
The approval means Saks Global is on track to exit its Chapter 11 bankruptcy proceedings in the coming weeks, as planned, after its initial filing in January.
The approval is “an incredible achievement” for the retailer, said Saks Global CEO Geoffroy van Raemdonck.
"With our capital partners' commitment and the dedication of our talented team, we are on track to emerge as a stronger, more focused company, poised for profitable and sustainable growth. I firmly believe in Saks Global's enduring role as a leader in the luxury retail ecosystem, delivering exceptional experiences for customers and serving as the premier gateway to the U.S. luxury consumer for our brand partners. I am confident we are well positioned to define the future of luxury retail."
When the company emerges from bankruptcy, it will have reduced its debt by nearly 75 percent, it said, and secured the necessary liquidity to support its operations and invest in its future.
The plan will support its goal of accelerating sales growth by focusing on full-price selling.
Saks Global began announcing store closures earlier this year, including most of its off-price Saks Off 5th retail locations and Last Call stores.
Among the closures was the Neiman Marcus store in downtown Dallas, a market where the brand has operated for more than 100 years.
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The retailer announced last week that the U.S. Bankruptcy Court for the Southern District of Texas approved its plan, which also has support from an “overwhelming majority” of its creditors.
The approval means Saks Global is on track to exit its Chapter 11 bankruptcy proceedings in the coming weeks, as planned, after its initial filing in January.
The approval is “an incredible achievement” for the retailer, said Saks Global CEO Geoffroy van Raemdonck.
"With our capital partners' commitment and the dedication of our talented team, we are on track to emerge as a stronger, more focused company, poised for profitable and sustainable growth. I firmly believe in Saks Global's enduring role as a leader in the luxury retail ecosystem, delivering exceptional experiences for customers and serving as the premier gateway to the U.S. luxury consumer for our brand partners. I am confident we are well positioned to define the future of luxury retail."
When the company emerges from bankruptcy, it will have reduced its debt by nearly 75 percent, it said, and secured the necessary liquidity to support its operations and invest in its future.
The plan will support its goal of accelerating sales growth by focusing on full-price selling.
Saks Global began announcing store closures earlier this year, including most of its off-price Saks Off 5th retail locations and Last Call stores.
Among the closures was the Neiman Marcus store in downtown Dallas, a market where the brand has operated for more than 100 years.
The retailer also confirmed plans to downsize its workforce last month, reducing its corporate team by 16 percent, or 640 jobs.
"With significantly reduced debt on the company's balance sheet at emergence and having already achieved substantial cost savings through the optimization of our footprint, operations, and organization, our business is well positioned for future success,” said Saks Global Chief Financial Officer Brandy Richardson.
It expects to generate $9 billion in total gross merchandise value and to see double-digit adjusted EBITDA by fiscal year 2030.
Saks Global had struggled to pay its vendors, including numerous jewelry designers and brands, which had taken a toll on its partnerships.
However, the retailer said it has begun to repair and strengthen these relationships, reaching agreements with partners and receiving necessary inventory.
“Saks Global's go-forward store sales continue to show steady improvement, reflecting stronger customer engagement as a result of increased inventory,” said the retailer.
“With a strong plan for the future, Saks Global is well positioned for profitable and sustainable growth, poised to become the leading multi-brand luxury retailer in the U.S.”
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