Saks Global buys crucial time as it secures another $300M

Saks Global, which owns Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, has claimed another $300 million as part of its $1.75 billion bankruptcy funding package, as agreed in January of this year.

Additionally, the company has said that an ad hoc group of bondholders has approved a five-year business plan that the retailer has put together to rescue itself.

It says that the latest installment of the Chapter 11 bankruptcy protection money is largely to help repair relationships with key vendors, many of whom told Watch Insider that they were owed vast sums of money with little or no expectation of making that money back.

Saks Global will be submitting its new bondholder-backed business plan to the US Bankruptcy Court for the Southern District of Texas in the coming weeks.

“We ​have ⁠made significant progress over the past two months as we work to position Saks Global for the future, quickly ⁠stabilizing ​our business, improving inventory flow and ​investing in our transformation,” Saks Global’s CEO Geoffroy van Raemdonck.