THE WHAT? Saks Global has secured an additional US$300 million in funding, completing its US$1.75 billion committed capital package.

THE DETAILS The funding follows approval of the company’s five-year business plan by key bondholders and marks the final tranche of its pre-emergence financing. The capital will support ongoing operations and the retailer’s transformation strategy across Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman.

Recent strategic actions include strengthening relationships with nearly 600 brand partners, unlocking US$1.4 billion in inventory, and increasing merchandise receipts by nearly 60% year-on-year. The company is also optimising its store portfolio, streamlining supply chains across key US distribution centres, and sharpening its focus on full-price luxury retail, while reducing its off-price footprint to 12 locations.

Saks Global is expected to file a reorganisation plan in the coming weeks as part of its broader restructuring process.

THE WHY? The funding provides critical liquidity to stabilise the business, support restructuring and drive long-term profitable growth in the luxury retail market.

Source: PR Newswire

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