Saks Global Secures $500M in Financing to Exit Bankruptcy

The luxury retailer expects to complete its Chapter 11 restructuring this summer.

Apr. 2, 2026 at 2:13pm

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Saks Global has announced it has entered into a Restructuring Support Agreement with bondholders who will provide $500 million in exit financing when the company completes its Chapter 11 bankruptcy proceedings, which it expects to happen this summer. The company also outlined its plans to drive profitability after exiting bankruptcy, including a stable financial foundation, optimized store footprint, curated product assortment, personalization for luxury consumers, and a strong employee base.

Why it matters

Saks Global's bankruptcy filing in January 2026 was a major shockwave in the luxury retail industry. This exit financing and restructuring plan signals the company's path forward to regain its footing and compete in the high-end market, which has seen significant shifts in consumer behavior and preferences in recent years.

The details

As part of the restructuring, Saks Global has already closed eight Saks Fifth Avenue stores and one Neiman Marcus location, and announced plans to shutter 12 additional Saks stores and three more Neiman Marcus locations. The company has also been focused on strengthening relationships with over 175 brand partners across categories, from large luxury houses to smaller independent designers. Saks emphasized that more than 650 brands have resumed shipping merchandise, releasing $1.5 billion in retail receipts, which accounts for over 90% of the retailer's expected inventory for the first quarter of fiscal 2026.

  • Saks Global filed for Chapter 11 bankruptcy in January 2026.
  • On March 16, 2026, Saks tapped an additional $300 million of its $1.7 billion financing package.
  • On February 10, 2026, Saks announced the closure of eight Saks Fifth Avenue stores and one Neiman Marcus location.
  • On March 6, 2026, Saks announced the closure of 12 additional Saks stores and three Neiman Marcus stores.
  • Saks expects to complete its Chapter 11 restructuring and exit bankruptcy this summer.

The players

Saks Global

A luxury retail company that operates Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman stores.

Geoffroy van Raemdonck

The CEO of Saks Global who was appointed after the company filed for bankruptcy in January 2026.

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What they’re saying

“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.”

— Geoffroy van Raemdonck, CEO, Saks Global

“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. 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.”

— Geoffroy van Raemdonck, CEO, Saks Global

What’s next

Saks Global expects to complete its Chapter 11 bankruptcy restructuring and exit the process this summer.

The takeaway

Saks Global's exit financing and restructuring plan signals the company's commitment to regaining its footing in the luxury retail market, which has seen significant shifts in recent years. The company's focus on stabilizing its business, strengthening brand partnerships, and optimizing its store footprint suggests it is taking a strategic approach to its transformation.