Saks Global Enterprises LLC emerged from chapter 11 on June 26, 2026, when its Third Amended Joint Chapter 11 Plan became effective and was substantially consummated, roughly five months after the multi-brand luxury retail platform filed in the Southern District of Texas. The jointly administered case, before Judge Alfredo R. Perez, swept in more than 100 debtor entities across two groups: the Global Debtors (Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, and affiliates) and the SO5 Digital Debtors (the Saks OFF 5TH e-commerce business) (Voluntary PetitionsDkt. 1). The filing followed the December 2024 acquisition of Neiman Marcus Group, after which consolidated revenue fell 13.6% in fiscal 2025, forecast inventory receipts missed by more than $550 million in the second half, and ABL minimum excess-availability covenants stepped up from $200 million to $500 million through December 2025, leaving the Debtors unable to service roughly $126 million of year-end interest (first-day declaration of CRO Mark WeinstenDkt. 17). The Global Debtors entered the case with approximately $3.4 billion of funded debt layered across an ABL facility, SPV notes, second-out, third-out, and old OpCo notes, intercompany on-loans, and parent-level TopCo debt.
To stabilize liquidity, the Global Debtors secured emergency authority for a multi-facility postpetition financing package totaling approximately $5.8 billion in commitments across an ABL DIP, an SGUS DIP, and an OpCo DIP, with priming liens, superpriority administrative claims, roll-ups of prepetition debt, and use of cash collateral (; ). The SO5 Digital Debtors — approximately 80% owned by Saks Global with the balance held by Insight Partners-affiliated investors — pursued a separate course of orderly self-liquidation and wind-down of the SaksOFF5TH.com business, governed by a final cash-collateral order over their roughly $20 million Callodine term loan (; ).
The restructuring moved on a compressed 160-day milestone track. The Debtors filed their Chapter 11 Plan of ReorganizationDkt. 1796 on April 5, 2026, backed by a restructuring support agreement and a committee settlement, and restructured the Global Debtors' obligations through a $1.5 billion exit ABL facility, up to $500 million of incremental new-money first-lien debt, $500 million of new-money preferred equity, and up to $750 million of take-back term loans, with recoveries delivered through equity, take-back instruments, and a Litigation Trust rather than substantive consolidation. The plan evolved into the Second Amended PlanDkt. 2600 and ultimately a Third Amended Joint Plan confirmed after a combined June 5, 2026 hearing that resolved contested issues, including former CEO Marc Metrick's objection over differential director-and-officer indemnification treatment (Metrick Witness and Exhibit ListDkt. 2569). The confirmation order was entered the same day, and the plan became effective on June 26, 2026.
The estates are now administering post-effective-date matters. Recent activity includes a stipulation authorizing rejection of three Lincoln Navigator vehicle leases and lifting the plan injunction so the lessor can dispose of the collateral (Lincoln Automotive StipulationDkt. 2999), the SO5 Digital Debtors' May 2026 monthly operating reports (SO5 Monthly Operating ReportDkt. 3001), and a rescheduled July 14, 2026 hearing on a motion to sell and assign an unexpired lease and related real property (Notice of Rescheduled HearingDkt. 3004). A further general status hearing is set for July 15, 2026.
