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.
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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.
Vince expresses confidence in Saks Global, despite $6M bad debt expense
The fashion company “took a hit” in Q4 due to the conglomerate, but is optimistic about the future.
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 doesn’t rule out bankruptcy
The department store conglomerate says it’s “exploring all potential paths” toward stability but insists the luxury market is strong.