{"id":423464,"date":"2026-04-04T19:51:21","date_gmt":"2026-04-04T14:21:21","guid":{"rendered":"https:\/\/dripp.zone\/news\/saks-global-secures-500-million-commitment-for-bankruptcy-exit-crypto-news\/"},"modified":"2026-04-04T21:18:34","modified_gmt":"2026-04-04T15:48:34","slug":"saks-global-secures-500-million-commitment-for-bankruptcy-exit-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/saks-global-secures-500-million-commitment-for-bankruptcy-exit-crypto-news\/","title":{"rendered":"Saks Global Secures $500 Million Commitment for Bankruptcy Exit – Crypto News"},"content":{"rendered":"

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Saks Global<\/a>\u00a0has secured $500 million in exit financing from a group of its senior secured bondholders and expects to emerge from Chapter 11 this summer.<\/p>\n

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The luxury retailer expects to file a plan of reorganization within weeks, it said in\u00a0a Thursday\u00a0(April 3)\u00a0press release<\/a>.<\/p>\n

Saks Global CEO\u00a0Geoffroy van Raemdonck<\/a>\u00a0said in the release that the bondholders\u2019 commitment shows the progress the company has made and the confidence they have in its go-forward vision.<\/p>\n

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\u201cAs we advance the restructuring process and position Saks Global for the future, our focus remains on strengthening our brand partner\u00a0relationships, and\u00a0delivering an expertly curated product assortment and personalized service for our luxury customers across\u00a0Saks Fifth Avenue<\/a>,\u00a0Neiman Marcus<\/a>\u00a0and\u00a0Bergdorf Goodman<\/a>,\u201d van Raemdonck said.<\/p>\n

Saks Global brought these brands together in December 2024 when, as the parent company of Saks Fifth Avenue, it completed its\u00a0acquisition<\/a>\u00a0of Neiman Marcus Group, which owned Neiman Marcus and Bergdorf Goodman. The company said it aimed to establish a \u201ctechnology-powered retail company.\u201d<\/p>\n

The firm declared\u00a0bankruptcy<\/a>\u00a0and appointed van Raemdonck as CEO in January. It was reported at the time that Saks Global\u2019s acquisition of NMG had put it deeper in debt and that it faced complaints from suppliers about missed payments.<\/p>\n

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In the Thursday press release, Saks Global said that since filing for Chapter 11, it has strengthened its brand partner relationships and seen more than 650 brands resume shipping merchandise; improved its inventory receipts by 18% year over year; and gained year-over-year increases of 6% increase in customer spend per store visit and 11% in online conversion.<\/p>\n

Upon its planned emergence from Chapter 11, the company expects to have a stable financial foundation, an integrated retail model that includes an optimized store footprint and distinct eCommerce platforms, a curated product assortment supported by stronger relationships with brands, deep insights on the shopping preferences of tens of millions of luxury customers and an employee base with expertise in luxury fashion, per the release.<\/p>\n

\u201cWhile it will take time to fully realize the benefits of this progress, our sales and inventory results continue to outperform our internal plans,\u201d van Raemdonck said. \u201cThis, along with the committed capital we have secured, provides us with sufficient liquidity to complete a successful restructuring and advance our ongoing transformation to secure a strong future for Saks Global.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Saks Global\u00a0has secured $500 million in exit financing from a group of its senior secured bondholders and expects to emerge from Chapter 11 this summer. The luxury retailer expects to file a plan of reorganization within weeks, it said in\u00a0a Thursday\u00a0(April 3)\u00a0press release. Saks Global CEO\u00a0Geoffroy van Raemdonck\u00a0said in the release that the bondholders\u2019 commitment […]<\/p>\n","protected":false},"author":2,"featured_media":423469,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-423464","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/423464","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=423464"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/423464\/revisions"}],"predecessor-version":[{"id":423470,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/423464\/revisions\/423470"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/423469"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=423464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=423464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=423464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}