Saks Global Enterprises LLC, a key player in the luxury retail industry, has announced that it has secured access to an initial $500 million from a total of $1.75 billion in committed capital. This funding will provide the necessary liquidity to support ongoing operations and transformation initiatives within the company. Importantly, Saks Global funding will enable timely payments to brand partners and enhance the flow of inventory. Under the leadership of newly appointed CEO Geoffroy van Raemdonck, Saks Global aims to efficiently navigate the Chapter 11 bankruptcy process, focusing on well-curated assortments, robust partnerships with brands, and an unwavering commitment to loyal customers.
“Access to this significant capital is instrumental as we work to strengthen our financial foundation and best position Saks Global for the future. Our stores and e-commerce experiences are open and focused on delivering exceptional products, elevated luxury experiences, and highly personalized service to our customers,” stated van Raemdonck. “Saks Global continues to play a distinct and enduring role in the luxury retail industry, and through this process, we will have the opportunity to build a more resilient company, primed for lasting financial and operational stability. Our employees, brand partners, customers, and vendors remain at the heart of everything we do, and we thank them for their ongoing support.”
The announcement of this funding follows a successful first-day court hearing for Saks Global, marking an important milestone in its Chapter 11 proceedings. At the conclusion of the hearing, orders were approved to facilitate ongoing operations, including the regular management of payroll and benefits, as well as fulfilling ongoing obligations to partners and vendors.
While Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call, and Horchow continue serving customers as usual, they will honor all pertinent customer programs and policies, such as credit cards, gift cards, and loyalty programs.
With the addition of new executive talent, including van Raemdonck, Darcy Penick as the President and Chief Commercial Officer, and Lana Todorovich as the Chief Global Brand Partnerships Officer, along with its experienced management team that includes Chief Financial Officer Brandy Richardson, the company is strategically positioned for ongoing leadership in the luxury retail market while prioritizing the needs of brands and customers.
