New York City — Saks Global Enterprises has entered into a Restructuring Support Agreement with an ad hoc group of its senior secured bondholders. The company’s capital partners have committed to provide $500 million in exit financing upon the company’s emergence from Chapter 11, which is expected this summer.
Saks Global is continuing 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 achieving a double-digit adjusted EBITDA margin, establishing a foundation to unlock the potential of its three luxury banners and to drive sustainable growth.
The parent firm of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman filed for Chapter 11 bankruptcy protection in January. At the time, Saks Global said it had $3.4 billion in debt.
Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman and Saks OFF 5TH.