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Saks Global Enters into Restructuring Support Agreement with Its Capital Partners

prnewswire.com
SGC The company is entering a restructuring support agreement and securing exit financing, indicating a path towards emerging from Chapter 11. While this shows progress, it's a neutral development as it's part of a bankruptcy process.

Saks Global Enters into Restructuring Support Agreement with Its Capital Partners Luxury Retailer Secures $500 Million in Exit Financing, with Emergence from Chapter 11 Expected This Summer

NEW YORK, April 2, 2026 /PRNewswire/ -- Saks Global Enterprises LLC ("Saks Global" or the "Company"), a leading multi-brand luxury retail company, today announced that it has entered into a Restructuring Support Agreement with an ad hoc group of its senior secured bondholders (the "Ad Hoc Group") under which these capital partners have committed to provide $500 million in exit financing upon the Company's emergence from chapter 11.

"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."

Saks Global continues constructive engagement with its capital partners and other financial stakeholders on a Plan of Reorganization and anticipates its filing in the coming weeks. The Company is focused on establishing the foundation to unlock the combined full potential of its three luxury banners, achieve double-digit adjusted EBITDA margin and drive sustainable growth.

Upon its expected emergence this summer, Saks Global will be well-positioned to drive profitability through:

Since filing for chapter 11, the Company has continued to make significant progress across the business:

"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," added van Raemdonck. "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."

Advisors

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 the Company.

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.

About Saks Global

Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman and Saks OFF 5TH. Powered by our talented colleagues, we are redefining luxury shopping by offering each customer a personalized experience across our store network and e-commerce platforms. Through strong partnerships with the world's most esteemed brands, cutting-edge technology and the industry's most comprehensive luxury customer data, Saks Global is shaping the future of retail.

For more information, visit SaksGlobal.com and follow Saks Global on LinkedIn.

SOURCE Saks Global