Saks Global news and archive

Saks Global receives court approval for reorganization plan

The US bankruptcy court for the southern district of Texas has approved the reorganization plan of Saks Global Enterprises LLC (Saks Global), a US multi-brand luxury retail company. The plan gained support across the capital structure from participating creditors, with an overwhelming majority voting in favour. Confirmation of the plan allows...

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Former Saks Global CEO challenges bankruptcy plan

Former Saks Global chief executive officer Richard Baker has objected to the retailer’s proposed Chapter 11 reorganisation plan, potentially prompting what could result in a lengthy legal battle as the company moves towards emerging from bankruptcy. In a filing with the US Bankruptcy Court in Houston, Baker, who oversaw Saks Global during its...

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Saks Global advances toward summer emergence after court approval

US luxury retail company Saks Global has received approval from the US Bankruptcy Court for the Southern District of Texas for the disclosure statement accompanying its plan of reorganization. This milestone allows the group to begin soliciting votes on the Plan and maintains its trajectory to emerge from chapter 11 this summer. The Plan is...

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Saks Global cuts HQ headcount by 16 percent

Saks Global is cutting its corporate headcount by 16 percent amid the continued rollout of a restructuring plan designed to optimise the luxury retailer’s footprint. Company officials confirmed the news to WWD, which reported that around 640 workers will be impacted, reflecting 4 percent of Saks Global’s total workforce. The layoffs will not...

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Vince navigates Saks Global disruption with retail expansion strategy

The US-based global retail platform Vince Holding Corp. has reported its financial results for the fourth quarter and fiscal year ended January 31, 2026, revealing a resilient performance despite significant headwinds from the reorganization of Saks Global. The company is now pivoting toward international flagship expansion and an enhanced...

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Saks Global secures 500 million dollars financing to support restructuring

US luxury retailer Saks Global has entered into a Restructuring Support Agreement with an ad hoc group of senior secured bondholders, securing a commitment for 500 million dollars in exit financing as it prepares to emerge from Chapter 11. The agreement is a key step in the company’s broader restructuring process, with Saks continuing...

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Business|Analysis

Analysis: Financial health of independent designers threatened by Saks Global's restructuring

Last week, an unprecendented movement had begun in the fashion world. The leaders of the four main international industry organisations sent an open letter to Saks Global's CEO, Geoffroy van Raemdonck, urging him to guarantee payment of outstanding invoices to independent and emerging designers as part of the retailer's judicial restructuring....

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Global fashion organisations call for Saks Global to support emerging talent

A coalition of leading fashion bodies is calling for safeguards to protect emerging designers amid Saks Global’s ongoing restructuring. In a joint letter obtained by WWD, the Council of Fashion Designers of America (CFDA), British Fashion Council (BFC), Camera Nazionale della Moda Italiana (CNMI) and Fédération de la Haute Couture et de la Mode...

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Saks Global secures final 300 million dollars of committed capital

Amid its ongoing bankruptcy proceedings, Saks Global has secured access to 300 million dollars, the final tranche of its 1.75 billion dollars in committed capital. The US retail giant unlocked the final part of the funding after receiving approval for its five-year business plan from senior secured creditors, as well as achieving other key...

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Saks Global to close 15 more stores as it nears end of footprint optimisation efforts

Saks Global has confirmed a further 15 store closures as it continues to enact a restructuring plan associated with ongoing bankruptcy proceedings. The luxury retail group is due to close 12 additional Saks Fifth Avenue stores and three Neiman Marcus locations. This latest round of closures follows a first phase initiated in February, when eight...

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Richard Baker: The man who couldn't save Saks and Hudson's Bay

In the turmoil surrounding iconic North American department stores, one name has repeatedly surfaced in recent months: Richard Baker. Under the leadership of the current Galeria investor, the Canadian department store chain Hudson’s Bay was forced to close after more than 355 years, and the luxury department store group Saks Global filed for...

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Saks Global obtains approval for one billion dollar financing

Saks Global has secured approval from a Texas bankruptcy court for a one billion dollar financing to support its reorganisation plan. The decision was determined by Judge Alfredo Perez during a hearing held in Houston. The news comes after Saks was able to resolve objections brought forth by luxury brands and business partners that expressed...