Saks Global Receives Disclosure Statement Approval, Advancing Toward Confirmation and Emergence

Company to begin soliciting votes on its widely supported amended Plan of Reorganization

Luxury retailer remains on track to emerge this summer with strong foundation for long-term growth

NEW YORK, May 1, 2026 /PRNewswire/ -- Saks Global Enterprises LLC ("Saks Global" or the "Company"), a leading multi-brand luxury retail company, received approval today from the U.S. Bankruptcy Court for the Southern District of Texas of the Disclosure Statement accompanying its Plan of Reorganization (as amended, the "Plan"), allowing the Company to begin soliciting votes on the Plan soon and advance toward confirmation and emergence this summer.

Importantly, the Plan has the support of the Company's capital partners and the Unsecured Creditors' Committee, which includes leading luxury brands, as part of an agreed framework reached by the parties that resolves all outstanding items among them. Through the solicitation process, the Company expects to secure the necessary support from creditors eligible to vote prior to its Court hearing to confirm the Plan.

Court approval of the Disclosure Statement marks another key milestone in Saks Global's restructuring process and follows amendment of the initial Plan-related materials filed last month to provide greater detail on the proposed go-forward financial structure to position Saks Global for success.

"Today's significant step forward demonstrates our continued momentum toward emergence this summer with a strong foundation for long-term growth," said Geoffroy van Raemdonck, CEO of Saks Global. "We have made remarkable progress over the past three and a half months, and I am grateful for the dedication and focus of our talented teams. As we execute our business plan to achieve our financial targets, we will keep our customers at the center of everything we do. Saks Global's enduring role within the luxury ecosystem remains anchored in offering a true luxury shopping experience and providing our brand partners with unparalleled access to the luxury customer. We appreciate the confidence in our Plan by key financial stakeholders and look forward to garnering additional support."

The filings include core components of the Company's five-year business plan, which outlines Saks Global's projected financial performance through FY30 as it aims to realize its full potential as the leading multi-brand luxury retailer. The Plan includes steps to:

• Fuel Saks Global with sufficient liquidity to fulfill obligations to stakeholders and power its transformation: At emergence, the Company anticipates having nearly $700 million of liquidity, which Saks Global expects to increase over time as it drives continued momentum and positive cash flow.
• Accelerate sales growth to generate $9 billion in total Gross Merchandise Value by FY30: Saks Global is positioned to achieve sustainable top-line growth by doubling down on the strength of its integrated retail model and customer relationships to drive overall sales.
• Deliver double-digit adjusted EBITDA by FY30 to drive long-term value: Since mid-January, the Company has successfully executed on a number of strategic actions to pave the way for long-term success, including strengthening brand partner relationships, optimizing its operational footprint and corporate structure, sharpening its focus on luxury and full-price selling, and exiting non-core businesses to ensure priorities align with Saks Global's go-forward strategy.

van Raemdonck added, "We are building a stronger, more focused company that is positioned to serve as the premier gateway to the U.S. luxury customer and be a stronger partner to our brand partners and other key stakeholders. The committed capital we have secured, along with the growing momentum across our business, sets the stage for a successful future. With adequate resources to invest in our capabilities, customer experience and merchandise assortment, we are confident in our ability to drive profitable growth for Saks Global and sustained revenue growth for our partners in the years ahead."

The Company continues to meet all of the required milestones in the chapter 11 process as it moves toward emergence, including having executed a Restructuring Support Agreement under which the Company's capital partners committed to provide $500 million in exit financing.

Advisors
Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as investment banker, Berkeley Research Group is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company.

Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Frères & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst CNC is serving as strategic communications advisor to the Ad Hoc Group. 

About Saks Global
Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman and Saks OFF 5TH. Powered by our talented colleagues, we are redefining luxury shopping by offering each customer a personalized experience across our store network and e-commerce platforms. Through strong partnerships with the world's most esteemed brands, cutting-edge technology and the industry's most comprehensive luxury customer data, Saks Global is shaping the future of retail.

For more information, visit SaksGlobal.com and follow Saks Global on LinkedIn.

SOURCE Saks Global Enterprises LLC