{"id":1165,"date":"2026-06-06T10:41:47","date_gmt":"2026-06-06T10:41:47","guid":{"rendered":"https:\/\/reliablemovingcrews.com\/?p=1165"},"modified":"2026-06-06T10:41:47","modified_gmt":"2026-06-06T10:41:47","slug":"saks-global-wins-court-approval-for-bankruptcy-restructuring","status":"publish","type":"post","link":"https:\/\/reliablemovingcrews.com\/?p=1165","title":{"rendered":"Saks Global wins court approval for bankruptcy restructuring"},"content":{"rendered":"<div>\n<div>\n<div>\n<ul>\n<li>Companies<\/li>\n<\/ul>\n<\/div>\n<div>\n<ul>\n<li><svg><\/svg>\n<div>\n<div>\n<div><button><span><span>Follow<\/span><\/span><\/button><\/div>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<div>NEW YORK, June 5 (Reuters) &#8211; Saks Global received court approval for its bankruptcy restructuring on Friday, clearing the luxury \u200bretailer to exit from Chapter 11 with a smaller store footprint \u200cand lower debt.<\/div>\n<div>U.S. Bankruptcy Judge Alfredo Perez approved the company&#8217;s Chapter 11 plan at a court hearing in Houston, Texas, saying the company had done an &#8220;extraordinary&#8221; job in stabilizing its business after a \u200brocky start to its bankruptcy in January.<\/div>\n<div>The restructuring will wipe out the company&#8217;s \u200bequity and hand control over to its senior lenders.<\/div>\n<div>Saks Global&#8217;s bankruptcy \u2060plan will allow it to cut most of its pre-petition debt and emerge \u200bas a smaller company, after it used its bankruptcy to repair relationships with luxury \u200bbrand vendors, close off-price retail stores and shut more than half of its Saks Fifth Avenue stores.<\/div>\n<div>The company will emerge with 49 luxury retail locations, including 33 Neiman Marcus stores, 15 Saks Fifth Avenue \u200bstores, and Bergdorf Goodman. Saks Global entered bankruptcy with 33 Saks Fifth Avenue \u200blocations.<\/div>\n<div>Saks Global CEO Geoffroy van Raemdonck said in a Friday statement that restructuring leaves the company &#8220;well \u200cpositioned to \u2060define the future of luxury retail.&#8221; Saks Global expects to emerge from bankruptcy within weeks.<\/div>\n<div>Under the restructuring deal, senior lenders are set to take control of Saks Global after providing $1 billion in new funding through the bankruptcy and pledging an additional $500 million \u200bafter the company \u200bexits Chapter 11.<\/div>\n<div>Saks Global \u2060won the support of its junior creditors by agreeing to set up a litigation trust, with $20 million in initial funding, to \u200bpursue lawsuits in hopes of gaining more money for creditors. \u200bThe junior \u2060creditors, who are owed about $1.5 billion collectively, would likely get no recovery without the litigation trust, according to court filings.<\/div>\n<div>Saks Global filed for bankruptcy on January 13 with $3.4 billion in \u2060debt, after \u200bits ill-fated merger with Neiman Marcus caused cash \u200bshortfalls that prevented it from reliably replenishing inventory at its stores and strained its relationship with critical vendors like \u200bChanel, LVMH and Kering.<\/div>\n<\/div>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=1163\">J&amp;J beats lawsuit alleging that talc caused three women\u2019s cancer<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=1161\">US domestic treatment centers ready for Ebola even as Kenya plans persist<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=1159\">Russia\u2019s Sechin says U.S. companies benefit from the closure of the Strait of Hormuz<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Saks Global received court approval for its bankruptcy restructuring on Friday, clearing the luxury \u200bretailer to exit from Chapter 11 with a smaller store footprint \u200cand lower debt.<\/p>\n","protected":false},"author":1,"featured_media":1164,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[128,112],"class_list":["post-1165","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bankruptcy","tag-capital-markets"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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