Core Viewpoint - Saks Global has received approval for a $1 billion loan from a US bankruptcy court, which is part of a larger $1.75 billion funding package aimed at stabilizing the company during its Chapter 11 proceedings [1][3]. Group 1: Loan Approval and Funding Package - The $1 billion loan was approved after Saks resolved payment disputes with luxury brands and other creditors [1]. - The funding package was authorized by US Bankruptcy Judge Alfredo Perez during a hearing in Houston [1]. - The financing will refinance existing borrowings and expand Saks' asset-based lending facility [4]. Group 2: Settlements and Agreements - Saks reached agreements with key luxury suppliers, including Chanel, Dolce & Gabbana, and LVMH, as well as landlords and Amazon [1]. - Certain landlords settled outstanding rent for January, the month Saks filed for bankruptcy protection [3]. - The company confirmed that products supplied on consignment would remain the property of the brands, addressing vendor objections [2]. Group 3: Financial Obligations and Restructuring Plans - Saks filed for Chapter 11 on January 13, with liabilities totaling $3.4 billion, primarily due to cash-flow pressures from its merger with Neiman Marcus [3]. - The financing arrangement includes commitments from lenders to provide additional support once Saks exits Chapter 11 [5]. - Saks plans to close most of its off-price outlets and focus on luxury and full-price retail during its restructuring [5].

Saks Global took a big step forward in its bankruptcy case on Friday when a federal judge gave the final sign-off on the debtor-in-possession financing meant to see it through the Chapter 11 process and back to solvency. The “first-day hearing” last month was a dramatic affair, with Amazon trying to hold up the financing over a commercial agreement that it said was backed by the retailer’s famed Fifth Avenue flagship. Amazon invested $475 million into Saks when it bought Neiman Marcus Group in late 2024, ...

Core Viewpoint - Italian luxury group Brunello Cucinelli has resumed shipments to Saks Global at the end of January 2026, reporting no financial impact from Saks' bankruptcy filing in mid-January 2026 [1][1]. Company Performance - Cucinelli has a long-standing relationship with Saks, Neiman Marcus, and Bergdorf Goodman, having worked with them for over 30 years, and has not incurred any financial losses from these partnerships [1][1]. - The company reported that sales of its products at all associated chains continued to grow in early 2026, with clients spending more overall and per item [1][1]. Financial Impact - Cucinelli recorded an extraordinary provision of 8.1 million euros in 2025 related to Saks' bankruptcy but expects no impact on its 2026 financial performance, projecting around a 10% rise in revenue at constant exchange rates [1][1][1]. Distribution Strategy - The recent closure of some Saks Global stores has a marginal effect on Cucinelli's distribution, as the company has historically focused on key locations [1][1]. - Cucinelli welcomes Saks Global's shift towards a more selective retail network [1][1].

This story was originally published on Retail Dive. To receive daily news and insights, subscribe to our free daily Retail Dive newsletter. A group of mall landlords on Tuesday asked the U.S. Bankruptcy Court for the Southern District of Texas to modify a financing agreement to ensure that Saks Global makes good on what they say is unpaid rent. Aventura Fashion Island, Brixmor Park Shore and GGP Retail (formerly Brookfield) are among the mall landlords demanding “the immediate payment of rent” for the ...

Saks, its suppliers and debtor-in-possession (DIP) lenders are negotiating whether consigned luxury goods can be treated as collateral under the retailer’s $1.75bn bankruptcy financing. Vendors have sought assurances that lenders would not assert rights over concession or consignment inventory, or related cash proceeds, sources told Reuters. According to the news agency’s report, all sides were hoping to reach an agreement before a 17 February 2026 court deadline to object to the loan, though some issue ...

Core Viewpoint - Saks Global is undergoing a restructuring phase, closing nine additional outlets and most standalone Fifth Avenue Club suites to focus on luxury retail operations [1][2][4]. Group 1: Store Closures - Saks Global plans to close eight Saks Fifth Avenue stores and one Neiman Marcus location, along with the majority of Fifth Avenue Club sites [1][2]. - The closures are part of an initial optimization phase, with further reviews of sites based on performance and lease terms [2][3]. Group 2: Operational Changes - The retailer is scaling back standalone Fifth Avenue Club locations, which were initially created for areas without Saks Fifth Avenue stores, now leveraging the Neiman Marcus network for market reach [3][5]. - Shops and e-commerce platforms across Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman will continue to operate normally, except for locations entering closing sales [2][6]. Group 3: Financial Restructuring - Saks Global has secured $1.75 billion in committed capital and entered voluntary Chapter 11 protection as part of its financial restructuring [4][6]. - The company aims to focus on luxury and full-price retail by closing most off-price outlets under Chapter 11 [4]. Group 4: Strategic Goals - CEO Geoffroy van Raemdonck stated that optimizing the operational footprint will enhance product delivery, customer experience, and long-term growth potential [5][6]. - The integration of online shopping for the home furnishings brand Horchow into the Neiman Marcus website is part of a broader effort to streamline operations [5][6].

NEW YORK (AP) — The operator of Saks Fifth Avenue and Neiman Marcus said that it will close eight Saks Fifth Avenue stores as well as its Neiman Marcus Boston store as it focuses on its most profitable businesses and pares down debt during its Chapter 11 bankruptcy restructuring. Saks Fifth Avenue's locations to be shuttered include sites in Philadelphia; Columbus, Ohio; and Phoenix, the company said. That will leave parent company Saks Global with 25 Saks Fifth Avenue stores and 35 Neiman Marcus stores. ...

Group 1: Store Closures - Saks Global announced the closure of eight Saks Fifth Avenue stores and one Neiman Marcus location as part of its restructuring efforts during Chapter 11 reorganization proceedings [1][3] - The closures include specific locations such as The Summit in Birmingham, Ala., and Polaris Fashion Place in Columbus, Ohio, among others [3][4] - Additionally, 57 Saks Off 5th stores are closing, leaving only 12 operational, and all five Last Call outlets for Neiman Marcus are also shutting down [2] Group 2: Strategic Changes - The closures are described as an "initial phase of optimization" aimed at enhancing the store footprint of Saks Fifth Avenue and Neiman Marcus [3] - The Fifth Avenue Club strategy, which served customers in markets without physical stores, is being adjusted following the $2.7 billion acquisition of NMG by Saks Global [5] - Two stand-alone Fifth Avenue Clubs will continue to operate, with plans for a third location in Palm Beach, Fla., expected to open this fall [5] Group 3: Leadership Statements - CEO Geoffroy van Raemdonck emphasized the importance of reinforcing Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman as premier luxury destinations [6] - The company aims to optimize its operational footprint to enhance product delivery, customer experience, and personalized service while positioning itself for long-term growth [6] - Van Raemdonck noted that opportunities within the luxury market remain strong, indicating a positive outlook for Saks Global's role in the industry [6]

This story was originally published on Retail Dive. To receive daily news and insights, subscribe to our free daily Retail Dive newsletter. Dive Brief: Dive Insight: The 2024 merger of Saks Fifth Avenue and Neiman Marcus Group was meant to provide scale and synergies by combining the forces of America’s three biggest luxury department store names. In a court filing Tuesday, Saks Global Chief Restructuring Officer Mark Weinsten acknowledged what several observers have noted for months, that the tie-up ...

LONDON — SKP, one of the most profitable luxury retailers globally, logged a group-wide 15 percent increase in turnover in the year ending Dec. 31, 2025, according to sources familiar with the matter, who requested anonymity. Annual turnover of its flagship project SKP Beijing recorded a 6.8 percent gain to 23.5 billion renminbi, or $3.4 billion, in the period, sources added. More from WWD Faced with industrywide headwinds, SKP Beijing’s annual turnover dropped about 17 percent in 2024 to 22 billion renm ...