Access to the $300m has been secured following the approval of a five-year business plan and other achievements.
Saks Global is set to move through the Chapter 11 process under the leadership of newly appointed CEO Geoffroy van Raemdonck, who takes over from Richard Baker.
The funds complete a pre-emergence financing package and leave Saks Global with “sufficient liquidity to continue to support operations and support the company’s transformation as it shifts focus to serving luxury customers”, according to the business.
The news follows a challenging start to the year for the retailer, which is closing a number of stores following its Chapter 11 bankruptcy protection filing at the start of the year.
"We have made significant progress over the past two months as we work to position Saks Global for the future, quickly stabilising our business, improving inventory flow and investing in our transformation," said Geoffroy van Raemdonck, CEO of Saks Global.
"With continued strong support from our capital partners, we are laying the path to realise the combined full potential of our three banners, achieve double-digit adjusted EBITDA margin and drive profitable and sustainable growth.
“As we continue to secure a bright future for Saks Global, guided by our relentless devotion to the luxury customer, we are focused on delivering an expertly curated assortment and personalised service across Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman."
The company’s plan of organisation is expected to be filed with the US Bankruptcy Court for the Southern District of Texas within the next several weeks, which will include key elements of the business plan.
The company claimed it has already successfully executed on several strategic actions to prime Saks Global for long-term success since mid-January 2026.
These actions include the strengthening of brand partner relationships, which saw inventory flow accelerate as shipping was resumed by nearly 600 brands, releasing $1.4bn in retail receipts.
This is said to have resulted in a 60% increase in merchandise receipts in March month-to-date vs the same period last year.
The supply chain network has been streamlined to prioritise three go-forward distribution and service centre facilities in Texas, Pennsylvania and California to support faster shipping, drive cost efficiencies and improve the customer experience.
Saks Global’s off-price business has also been streamlined to 12 locations serving as a selling channel for residual inventory from Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman as the company continues to focus on luxury and full-price selling.
"This is tremendous progress in a very short period of time," added van Raemdonck.
"I am incredibly proud of our entire leadership team and colleagues across the organisation whose collective strength and focus have enabled us to continue to serve our customers and brand partners as we take decisive steps to build a stronger Saks Global.
“We remain focused on building on this momentum as we work toward emerging later this year."
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