Saks Global Secures Exit Financing

Saks Global, the parent company of Saks Fifth Avenue===Saks Fifth Avenue, Neiman Marcus, and Neiman Marcus===Bergdorf Goodman, has entered into a Restructuring Support Agreement with its senior secured bondholders, securing $500 million in exit financing. This agreement paves the way for the company to emerge from Chapter 11 bankruptcy this summer. The company had filed for bankruptcy in January due to a heavy debt load following its acquisition of Neiman Marcus. Under the leadership of CEO Geoffroy van Raemdonck, Saks Global has undertaken significant restructuring, including optimizing its store footprint by closing several Saks Fifth Avenue===Saks Fifth Avenue and Neiman Marcus locations, and improving relationships with brand partners, leading to over 650 brands resuming merchandise shipments. The company aims to achieve a double-digit adjusted EBITDA margin and drive sustainable growth upon its exit from bankruptcy.