OAN Staff Lillian Mann
7:37 PM – Thursday, April 2, 2026
Saks Global, the parent company of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, announced it expects to emerge from bankruptcy this summer after securing $500 million in exit financing.
Neiman Marcus and Bergdorf Goodman said that they secured a “restructuring support agreement” with several of their bondholders, which they hope will assure vendors that the merchandise they have sold to the luxury department store will be paid for.
About 650 vendors who initially pulled back from Saks Global after not receiving payments from its stores, have resumed doing business with Saks since it filed for bankruptcy on January 14th. Saks stated that these returning brands released $1.5 billion in retail receipts as they gradually came on board, accounting for more than 90% of the inventory expected for quarter one of the 2026 fiscal year.
Meanwhile, Saks has focused primarily on cost-cutting and shedding underperforming store locations, including slashing about 1,200 jobs, according to the New York Post.
About 20 Saks Fifth Avenue stores are closing, leaving only 13 open. The majority of Saks Off 5th stores are also reportedly closing. Saks Global is expected to keep 32 of the luxury stores open, however.
Inventory receipts were also up 18% in March, compared to a year ago, when several vendors were leaving the partnership with the company due to overdue bills and delayed payments — which dragged down sales significantly.
The influx of merchandise is increasing customer engagement, as customers spend up to 6% per store visit and online conversion up to 11%, and “significant improvements in full-price selling across Saks Global’s luxury retail banners since the filing compared to the same period last year,” Saks said.
Financing from bondholders, expected to reach Saks’ coffers once it is out of bankruptcy, is an “important milestone.” The deal “underscores the progress we are making on our transformation and reflects our capital partners’ confidence in our go-forward vision,” he added.
Saks Global includes Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman. These companies and off-price businesses have been scaled back significantly during the bankruptcy process that began when they filed for Chapter 11 protection in January. This filing is usually used by businesses to restructure debt while continuing operations.
Roughly two-dozen full-line stores, mostly Saks Fifth Avenue locations, are expected to close. On Thursday, Saks Global explained this was “an optimized store footprint of the best-performing locations in markets with a high concentration of luxury customers.”
Saks Global CEO Geoffroy van Raemdonck said the scale of the exit financing reflects progress in a short period of time and confidence on the part of the company’s capital partners.
“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,” he said in a statement.
After Neiman Marcus was brought into the company in a $2.7 billion deal, the company accumulated more than $4 billion in debt.
Saks Global has reported a loss of $77 million after expenses, despite selling almost $336 million worth of merchandise in February, according to court filings.
The company’s full restructuring plan is expected to be in full force by April 24th, according to Sarah Foss, global head of legal and restructuring at Debtwire. The $500 million is “a key milestone on the company’s path to exit bankruptcy,” she added.
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