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Saks Global (SKG) Exits Bankruptcy with 75% Debt Reduction

Published on 6/14/2026

#SKG#bankruptcy#restructuring#debtReduction#financing
Saks Global (SKG) Exits Bankruptcy with 75% Debt Reduction

AI Summary

Saks Global, parent of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, filed for Chapter 11 bankruptcy on January 14, 2026, due to delayed vendor payments. A federal judge approved the company’s Plan of Reorganization on June 5, allowing it to exit bankruptcy while reducing its debt by nearly 75% to approximately $1.2 billion. The company will secure $500 million in fresh financing as part of this exit. Following the restructuring, existing shareholders will lose their equity, with control transitioning to senior lenders.

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