Saks Global filed its official exit plan from Chapter 1, which details the transition of ownership to its bankruptcy lenders and a downsizing of its retail footprint to focus on 50 full-line luxury stores, on Sunday. Saks Global will not be selling the Bergdorf Goodman entity, and the Saks Fifth Avenue New York City flagship will continue to operate as is. The plan is subject to court approval, and a hearing is scheduled for June 5.
Unpacking Saks Global’s Post-Bankruptcy Plan [Business of Fashion]
For more of the latest in litigation, regulation, deals and financial services trends, sign up for Finance Docket, a partnership between Breaking Media publications Above the Law and Dealbreaker.