Luxury retailer Saks Global secures $1.75bn in financing and files for voluntary Chapter 11 protection to stabilize finances and undergo operational transformation. $1.5bn from bondholders and $240m from lenders provide liquidity. $1bn debtor-in-possession financing approved to fund operations during bankruptcy process. Additional $500m available post-bankruptcy.

Saks Global aims to strengthen balance sheet and liquidity through restructuring, focusing on areas with long-term potential. Stores and e-commerce operations across multiple brands to remain open during process. Leadership changes include new CEO, Geoffroy van Raemdonck, and expanded executive team to navigate restructuring and focus on customer service.

Van Raemdonck emphasizes opportunity to strengthen business foundation for the future, working closely with newly appointed leaders to serve customers and luxury brands. Chapter 11 filing follows acquisition of Neiman Marcus Group in 2024. Saks Global anticipates emerging from bankruptcy later this year with renewed focus.

Read more at Yahoo Finance: Saks Global files for Chapter 11 after securing $1.75bn financing