Saks Global Wins Court Approval to Solicit Votes on Restructuring Plan Ahead of Summer Emergence

New updates have been reported about Saks Global Enterprises LLC.

Saks Global Enterprises LLC has secured U.S. Bankruptcy Court approval of the Disclosure Statement for its amended Chapter 11 Plan of Reorganization, clearing the way to solicit creditor votes and keep its targeted summer emergence on track. The plan is backed by the company’s capital providers and the Unsecured Creditors’ Committee, resolving outstanding issues among major stakeholders and positioning Saks Global to seek confirmation once voting is complete.

The amended filings outline a five-year business plan through fiscal 2030 that aims to reset Saks Global’s capital structure while funding growth across its luxury retail platforms. At emergence, the company expects nearly $700 million in liquidity to meet obligations and support transformation initiatives, supplemented by $500 million in committed exit financing under an existing Restructuring Support Agreement.

Management’s strategy targets $9 billion in gross merchandise value by FY30 by leveraging Saks Global’s integrated model, emphasizing stronger customer relationships and a sharper focus on full-price luxury. The plan calls for delivering double-digit adjusted EBITDA by the end of the projection period, underpinned by actions already taken since mid-January, including rationalizing the operational footprint, refining the corporate structure and exiting non-core businesses.

CEO Geoffroy van Raemdonck said the company is building a more focused platform designed to be the primary gateway to the U.S. luxury consumer, while deepening partnerships with leading brands. He highlighted growing business momentum and the confidence of financial stakeholders as key enablers of future investment in capabilities, customer experience and merchandise assortment, with the objective of driving profitable growth for Saks Global and sustained revenue gains for its brand partners.

The court’s latest ruling confirms Saks Global is meeting key Chapter 11 milestones and reduces execution risk around its restructuring timeline. If the plan is confirmed as expected, the company will emerge with a simplified balance sheet, enhanced liquidity and a defined path to long-term value creation for creditors, shareholders of affiliated entities and commercial partners across its Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman and Saks OFF 5TH banners.