Saks Global leaves bankruptcy this summer with $500 million from bondholders
Saks Global, the company behind Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, is set to leave bankruptcy this summer with a fresh $500 million boost from bondholders.
This cash injection is meant to help the company steady itself after racking up more than $4 billion in debt from buying Neiman Marcus back in 2024.
About 20 Saks Fifth Avenue closures
To get back on track, Saks Global will close about 20 Saks Fifth Avenue stores but plans to keep some locations open that were previously set to shut down.
Even though sales hit nearly $336 million in February, the company still posted a $77 million loss.
On the bright side, average spending per customer visit actually went up 6% compared to last year, so there's hope that these changes will help Saks bounce back soon.