Luxury retail company Saks Global has announced a transformative financial transaction. The company secured a financing commitment of approximately $1.75 billion, comprising $1.5 billion from an ad hoc group of the company's senior secured bondholders and approximately $240 million of incremental liquidity from the company's asset-based lenders.

This financing package will strengthen the company's balance sheet and position it for a strong and stable future while it continues to provide customers with unparalleled multi-brand luxury shopping experiences.

In addition, Saks Global announced the appointment of Geoffroy van Raemdonck as Chief Executive Officer, effective immediately.

Saks Global has commenced voluntary chapter 11 cases in the USA Bankruptcy Court for the Southern District of Texas to facilitate its ongoing transformation. Importantly, stores and ecommerce experiences across Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow are open to provide customers with products, luxury experiences and personalised service.

For more information, visit saksglobal.com.