Saks Global has accessed an extra $300m from its $1.75bn bankruptcy financing package following bondholder approval of its five-year plan.
The luxury retailer, which entered Chapter 11 bankruptcy protection in January 2026, said the latest funding tranche completes its “pre-emergence financing package”, ensuring adequate liquidity to sustain operations and ongoing restructuring.
The company had earlier stated that the financing was needed to rebuild vendor relationships and allow time to renegotiate its debt obligations.
Core components of the business plan, backed by an ad hoc group of senior secured bondholders and based on growth and profitability supported by improved liquidity, will be included in Saks Global’s plan of reorganisation.
The company expects to submit this to the US Bankruptcy Court for the Southern District of Texas in the coming weeks.
Since mid-January, Saks Global has implemented several measures to advance its restructuring. It said efforts to strengthen relationships with brand partners have led to nearly 600 brands resuming shipments and the release of $1.4bn in retail receipts.
Merchandise receipts rose by nearly 60% in March month-to-date compared with the same period last year.
The company has also moved forward with optimising its Saks Fifth Avenue and Neiman Marcus store network, concentrating on stronger-performing locations in key luxury markets.
Its off-price segment has been reduced to 12 locations, mainly serving as an outlet for residual inventory.
Saks Global CEO Geoffroy van Raemdonck said: “We have made significant progress over the past two months as we work to position Saks Global for the future, quickly stabilising our business, improving inventory flow and investing in our transformation.”
Additionally, Saks Global has streamlined its supply chain operations, consolidating them into three distribution and service centres in Texas, Pennsylvania and California, to improve delivery times, customer experience and cost efficiency.
The retailer said these financing and operational steps enable it to continue its restructuring process while maintaining business continuity.
