Saks Global has secured access to an additional £225.4m of its £1.3m bankruptcy funding package, as its five-year business plan was approved by a group of the business’s senior secured bondholders.
The move completes the retailer’s pre-emergence financing packaging, granting Saks “sufficient liquidity” to sustain its operations and ongoing restructuring.
The business plan will be detailed in Saks’ plan of reorganisation, which is due to be filed with the US Bankruptcy Court for the Southern District of Texas within the coming weeks.
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The group’s CEO Geoffroy van Raemdonck, said: “We have made significant progress over the past two months as we work to position Saks Global for the future, quickly stabilising our business, improving inventory flow and investing in our transformation.
“With continued strong support from our capital partners, we are laying the path to realise the combined full potential of our three banners, achieve double-digit adjusted EBITDA margin and drive profitable and sustainable growth.
“As we continue to secure a bright future for Saks Global, guided by our relentless devotion to the luxury customer, we are focused on delivering an expertly curated assortment and personalised service across Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman.”
The news comes after Saks initially filed for chapter 11 voluntary bankruptcy in January, following its failed merger with department store chain Neiman Marcus.
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