As it seeks to conclude a bankruptcy process, Saks Global Enterprises has entered into a restructuring support agreement with an ad hoc group of its senior secured bondholders to commit $500 million in exit financing upon the company’s emergence from Chapter 11.
Saks Global stated that it continues to engage with its capital partners and other financial stakeholders on a plan of reorganization and anticipates filing it in the coming weeks. The company stated that it is establishing a foundation that can unlock the combined potential of its luxury retail banners, achieve a double-digit adjusted EBITDA margin and drive sustainable growth.
“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.”
