Luxury retail giant Saks Global LLC has gained access to an additional $300 million of its $1.75 billion bankruptcy funding and has a five-year business plan in place.
The New York-based retailer announced the additional funding March 16 while also providing an update on its efforts to restructure and address the issues that led to its January filing for Chapter 11 protection. News outlets also reported over the weekend that more than 1,200 Saks employees will be laid off by May as the company prepares to close more than a dozen stores.
Saks, the parent company of Dallas-based Neiman Marcus, filed for Chapter 11 bankruptcy protection Jan. 13, weighed down by billions in debt to buy Neiman in 2024 and strained relations with vendors.