Saks Global Secures Access to Additional $300 Million of $1.75 Billion in Committed Capital

Luxury Retailer Achieves Key Milestones to Access Final Tranche of Pre-Emergence Financing

Ad Hoc Group of Bondholders in Support of Five-Year Business Plan

NEW YORK, March 16, 2026 /PRNewswire/ -- Saks Global Enterprises LLC ("Saks Global" or the "Company"), a leading multi-brand luxury retail company, today announced that it has secured access to an additional $300 million of the $1.75 billion in committed capital following approval of its five-year business plan by an ad hoc group of the Company's senior secured bondholders (the "Ad Hoc Group") and the achievement of other key milestones. This final tranche completes the pre-emergence financing package, providing Saks Global with sufficient liquidity to continue to support operations and advance its transformation as it focuses on serving luxury customers, strengthening brand partner relationships and driving full-price selling.

"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," said Geoffroy van Raemdonck, CEO of Saks Global. "With continued strong support from our capital partners, we are laying the path to realize the combined full potential of our three banners, achieve double-digit adjusted EBITDA margin and drive profitable and sustainable growth. As we continue to secure a bright future for Saks Global, guided by our relentless devotion to the luxury customer, we are focused on delivering an expertly curated assortment and personalized service across Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman."

Key elements of the business plan, which assumes growth and profitability fueled by a strong liquidity position, will be included in the Company's plan of reorganization. This is expected to be filed with the U.S. Bankruptcy Court for the Southern District of Texas within the next several weeks.

Recent Strategic Actions
Since mid-January, the Company, led by van Raemdonck, Darcy Penick, President and Chief Commercial Officer, Brandy Richardson, Chief Financial Officer and Lana Todorovich, Chief Global Brand Partnerships Officer, has successfully executed on a number of strategic actions to prime Saks Global for long-term success, including:

• Strengthening brand partner relationships, leading to a significant acceleration of inventory flow, with shipping resumed by nearly 600 brands releasing $1.4 billion in retail receipts. These efforts have resulted in a nearly 60% increase in merchandise receipts in March month-to-date versus the same period last year.
   
• Advancing the planned optimization of the Saks Fifth Avenue and Neiman Marcus store portfolio, creating a more productive footprint comprising the best-performing and most desirable locations in markets with a high concentration of luxury customers.
   
• Sharpening focus on luxury and full-price selling, by streamlining Saks Global's off-price business to 12 locations serving as a selling channel for residual inventory from Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman.
   
• Streamlining the supply chain network, prioritizing three go-forward distribution and service center facilities in Texas, Pennsylvania and California, which have been significantly invested in over recent years, to support faster shipping, improve the customer experience and drive cost efficiencies.

"This is tremendous progress in a very short period of time," added van Raemdonck. "I'm incredibly proud of our entire leadership team and colleagues across the organization whose collective strength and focus have enabled us to continue to serve our customers and brand partners as we take decisive steps to build a stronger Saks Global. We remain focused on building on this momentum as we work toward emerging later this year."

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