New York City — Saks Global Enterprises LLC, a leading multi-brand luxury retail company, has entered into a Restructuring Support Agreement with an ad hoc group of its senior secured bondholders under which these capital partners have committed to provide $500 million in exit financing upon the company’s emergence from Chapter 11.
“Achieving this important milestone underscores the progress we are making on our transformation and reflects our capital partners’ confidence in our go-forward vision, guided by our relentless devotion to the luxury customer,” says Geoffroy van Raemdonck, CEO of Saks Global. “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.”
Saks Global continues constructive engagement with its capital partners and other financial stakeholders on a Plan of Reorganization and anticipates its filing in the coming weeks. The company is focused on establishing the foundation to unlock the combined full potential of its three luxury banners, achieve double-digit adjusted EBITDA margin and drive sustainable growth.
Upon its expected emergence this summer, Saks Global will be well-positioned to drive profitability through a stable financial foundation with a right-sized capital structure and sufficient liquidity to invest in key areas of the business to support its long-term growth; an optimized store footprint of the best-performing locations in markets with a high concentration of luxury customers, as well as distinct e-commerce platforms and remote selling services; an expertly curated product assortment; access to tens of millions of luxury customers; and a best-in-class employee base with strong expertise in luxury fashion.
Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman and Saks OFF 5TH. For more information, visit www.SaksGlobal.com.
SOURCE: Saks Global