American multi-brand luxury retailer Saks Global Enterprises LLC has entered into a restructuring support agreement with an ad hoc group of senior secured bondholders, securing a commitment of $500 million in exit financing as it progresses through Chapter 11 bankruptcy proceedings, with plans to emerge by summer.

The company said the agreement marks a key milestone in its transformation journey, reflecting continued support from capital partners.

Saks Global has secured $500 million in exit financing under a restructuring support agreement as it progresses through Chapter 11, targeting emergence by summer.
The company is advancing its reorganisation plan, strengthening brand partnerships and inventory flows, with over 650 brands resuming shipments.
Improved inventory has boosted customer engagement, while it aims for double-digit EBITDA margins.

“Achieving this important milestone underscores the progress we are making on our transformation and reflects our capital partners’ confidence in our go-forward vision,” said Geoffroy van Raemdonck, CEO at Saks Global.

Saks Global is currently engaging with stakeholders on a formal Plan of Reorganisation, expected to be filed in the coming weeks. The retailer aims to emerge from Chapter 11 by summer with a strengthened financial structure, targeting double-digit adjusted EBITDA margins and long-term sustainable growth, the company said in a press release.

The company plans to leverage an integrated retail model, combining optimised physical stores in key luxury markets with distinct e-commerce platforms and remote selling capabilities. It also intends to enhance its curated product offering through stronger brand partnerships and deeper customer insights.

Operationally, Saks Global reported progress since filing for bankruptcy protection. Over 650 brand partners have resumed shipments, unlocking $1.5 billion in retail receipts and covering more than 90 per cent of expected inventory for the first quarter of fiscal 2026. March inventory receipts rose 18 per cent year on year (YoY).

Improved inventory flow has translated into stronger customer engagement, with spend per store visit increasing 6 per cent and online conversion rising 11 per cent. The company also noted gains in full-price selling across its banners, including Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman.

“As we advance the restructuring process, our focus remains on strengthening brand relationships and delivering personalised luxury experiences,” added van Raemdonck, highlighting confidence in completing the restructuring with sufficient liquidity and positioning the business for future growth.

Fibre2Fashion News Desk (SG)

Germany yesterday announced a €1.6-billion ($1.9-billion) fuel price relief package for households and businesses struggling with the energy shock triggered by the Middle East conflict.

Following talks between his CDU party and its coalition partners, Chancellor Friedrich Merz said his government has decided to cut the tax on petrol and diesel by around 17 euro cents ($0.19) for two months.

Germany yesterday announced a €1.6-billion ($1.9-billion) fuel price relief package for households and businesses struggling with the energy shock triggered by the Middle East conflict.
Chancellor Friedrich Merz said his government has decided to cut the tax on petrol and diesel by around $0.19 for two months.
The funds for the relief measures would be financed by higher taxes on tobacco.

The announcement followed another surge in oil prices after the US-Iran peace talks collapsed and US President Donald Trump’s decision to blockade the Strait of Hormuz.

The war “is the root cause of the problems we face in our own country”, said Merz, stressing that Berlin is doing all it could to try to end the conflict.

“This will very quickly improve the situation for drivers and businesses in the country, and above all for those who, mainly for professional reasons, spend a great deal of time on the road,” he told a news conference in Berlin.

The funds for the relief measures would be financed by higher taxes on tobacco, a finance ministry spokesman was cited as saying by global newswires.

Employers can also pay staff tax-free bonuses of up to €1,000 ($1,170) to mitigate the impacts of inflation, which has already started rising in Germany, the government announced.

“At the same time, we cannot offset every single outcome on the market with government funds… The state cannot absorb all uncertainties, not all risks, not all disruptions in global politics,” Merz cautioned.

He said the war’s effects are likely to last long. “The German economy will face a significant burden over an extended period,” he added.

Fibre2Fashion News Desk (DS)

With fiscal positions weakened and policy space narrowed, policymakers in the ASEAN+3 region must prioritise safeguarding fiscal sustainability and rebuilding buffers, according to the ASEAN+3 Fiscal Policy Report (AFPR) 2026 released recently by the ASEAN +3 Macroeconomic Research Office (AMRO).

At the same time, growing demands on fiscal policy require governments not only to respond to immediate shocks, but also to support growth, facilitate structural transformation and reduce poverty and inequality over the medium to long term, it noted.

With fiscal positions weakened and policy space narrowed, ASEAN+3 policymakers must safeguard fiscal sustainability and rebuild buffers, the ASEAN+3 Fiscal Policy Report 2026 said.
Governments should also support growth, facilitate structural transformation and reduce poverty and inequality over the medium to long term, it noted.
Particular attention should be given to liabilities outside the budget.

ASEAN+3 comprises members of the Association of Southeast Asian Nations, along with China, South Korea and Japan.

These competing demands are compounded by sluggish revenue growth and rigid budget structures. Addressing these challenges will require stronger fiscal management frameworks, including improvements in risk management, fiscal aggregate management, strategic resource allocation, spending efficiency and revenue mobilisation.

The report also highlights the importance of comprehensive fiscal risk management, urging policymakers to strengthen the identification, assessment and disclosure of fiscal risks.

Particular attention should be given to liabilities outside the budget, including borrowing by off-budget public entities and government arrears.

Systematic monitoring and proactive management of contingent liabilities are essential, especially those related to government guarantees, public-private partnerships, state-owned enterprises and social security obligations, the report remarked.

Enhancing fiscal aggregate management, alongside improving strategic resource allocation and spending efficiency, will be critical to meeting rising expenditure demands in line with national priorities, while safeguarding fiscal sustainability and rebuilding buffers, it added.

The report further encourages policymakers to implement comprehensive and durable revenue-enhancing measures, including strengthening tax administration—particularly through digitalisation—rationalising tax expenditures and advancing structural reforms to major taxes.

Fibre2Fashion News Desk (DS)