Saks Global snags final $300M in bankruptcy financing, nears home stretch
An ad hoc group of senior secured bondholders has approved the luxury retailer’s five-year plan, aiming for double-digit adjusted EBITDA margin and profitable growth.
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Bankruptcy court, citing Saks Global’s merchandising woes, approves $500M in exit financing
Judge Alfredo Pérez on Friday approved the plan, paving the way for the luxury retailer to start fresh with vendors — and customers.
Saks Global snags $500M in financing, expects to exit bankruptcy this summer
The luxury department store retailer has boosted inventory receipts, with more than 650 brands shipping merchandise, up from 500 a month ago.
Saks Global slashes 16% of its corporate workforce
The latest round of downsizing comes amid the luxury retailer’s bankruptcy and leaves it to focus resources “toward critical capabilities that will drive profitable, sustainable growth,”…
Saks Global expects to exit bankruptcy in June with $1.2B in debt
The luxury retail conglomerate said it would be profitable in three years and that, starting next fiscal year, revenue growth would average 7% annually.
December sales drop over 2% at small retail businesses despite traffic bump
Even at the holidays shoppers prioritized essentials, and inflation-adjusted discretionary sales at smaller stores fell 1.8% year on year, per Fiserv.