Saks Global, the owner of luxury department stores such as Bergdorf Goodman, which has been in bankruptcy since last January, received court approval for a rescue plan from a U.S. judge on Friday.
A reorganization is on the horizon. On Friday, Judge Alfredo Perez of the U.S. Bankruptcy Court for the Southern District of Texas approved the rescue plan for Saks Global, which has been in bankruptcy since January 14.
“I think this is an extraordinary outcome because the company (…) was in a very dire situation”, Alfredo Perez told AFP. The plan was “overwhelmingly approved” by creditors, Debra Sinclair, an attorney at the firm Willkie Farr & Gallagher representing their committee, noted at the start of the hearing.
He believes, in fact, that this plan will enable the group to “get back on its feet.” As the owner of the luxury department stores Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, Saks Global’s debt stood at approximately $3.4 billion at the time it filed for bankruptcy protection, according to U.S. media reports.
Saks Global confident about the future
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