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Saks Global Secures $300M, Restructuring for Profitability

3/17/2026

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Summary

Story summary

Saks Global secured $300 million from its $1.75 billion bankruptcy funding package after bondholders approved the five-year plan.
The funding aims to repair vendor relationships and support operations during restructuring.
Saks closed 20 Saks Fifth Avenue stores as 600 brands released $1.4 billion in retail receipts.
Geoffroy van Raemdonck, CEO of Saks Global, says restructuring is progressing faster than expected and positions Saks for profitability later this year.

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Story summary

Saks Global secured $300 million from its $1.75 billion bankruptcy funding package after bondholders approved the five-year plan.
The funding aims to repair vendor relationships and support operations during restructuring.
Saks closed 20 Saks Fifth Avenue stores as 600 brands released $1.4 billion in retail receipts.
Geoffroy van Raemdonck, CEO of Saks Global, says restructuring is progressing faster than expected and positions Saks for profitability later this year.