Overview
- The newly released $300 million completes Saks Global’s pre‑emergence financing package from the $1.75 billion committed in January, providing liquidity to sustain operations and the turnaround.
- An ad hoc group of senior secured bondholders approved the company’s five‑year business plan, with the plan of reorganization set to be filed in the U.S. Bankruptcy Court for the Southern District of Texas in the coming weeks.
- The tranche follows access to roughly $825 million earlier in the case, with remaining committed capital expected to be available upon emergence later this year.
- Nearly 600 brands have resumed shipments, unlocking $1.4 billion in retail receipts, and March month‑to‑date merchandise receipts are up nearly 60% year over year.
- The restructuring includes closing 20 Saks Fifth Avenue stores, four Neiman Marcus doors, 57 Off 5TH locations, all five Last Call centers and the Horchow catalogue, while consolidating distribution to facilities in Texas, Pennsylvania and California.