BY Fraser TennantAt the final stage of its restructuring process, luxury retail company Saks Global has received bankruptcy court approval of its Chapter 11 exit plan – confirmation which paves the way for its emergence with a strengthened financial foundation.The luxury retailer, which owns Saks Fifth Avenue and Neiman Marcus, filed for Chapter 11 bankruptcy protection in mid-January 2026, having struggled with the heavy debt burden incurred from its $2.7bn acquisition of Neiman Marcus in late 2024, alongside a general slowdown in luxury spendingThe restructuring plan – approved by the US Bankruptcy Court for the Southern District of Texas – gained support across the capital structure from participating creditors, the overwhelming majority of which voted in favour. The plan is expected to significantly reduce the company’s funded debt from $3.4bn to about $1.2bn, wiping out existing equity and handing control to senior lenders, who have provided $1bn in new funding through the bankruptcy and pledged an additional $500m after the company exits Chapter 11.“With significantly reduced debt on the company’s balance sheet at emergence and having already achieved substantial cost savings through the optimisation of our footprint, operations and organisation, our business is well positioned for future success,” said Brandy Richardson, chief financial officer at Saks Global. “We look forward to driving profitable growth as a stronger Saks Global, leveraging our distinct and differentiated assets.”The plan also establishes the foundation for the company to accelerate sales growth, with a focus on strong full-price selling, and to generate $9bn in total gross merchandise value and double-digit adjusted earnings before interest, taxes, depreciation and amortisation by 2030.Upon completion of the restructuring process, the company will emerge with 49 luxury retail locations, including 33 Neiman Marcus stores, 15 Saks Fifth Avenue stores, and Bergdorf Goodman. Saks Global entered bankruptcy with 33 Saks Fifth Avenue locations.Geoffroy van Raemdonck, chief executive of Saks Global, said: “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.”News: Saks Global wins court approval for bankruptcy restructuring
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