debtReduction News & Analysis
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Saks Global (SKG) Exits Bankruptcy with 75% Debt Reduction
Saks Global, parent of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, filed for Chapter 11 bankruptcy on January 14, 2026, due to delayed vendor payments. A federal judge approved the company’s Plan of Reorganization on June 5, allowing it to exit bankruptcy while reducing its debt by nearly 75% to approximately $1.2 billion. The company will secure $500 million in fresh financing as part of this exit. Following the restructuring, existing shareholders will lose their equity, with control transitioning to senior lenders.
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Red Robin (RRGB) Sells 30 Restaurants for $23.5 Million
Red Robin Gourmet Burgers (RRGB) announced on May 28 the sale of 30 company-owned restaurants to Evergreen Dining LLC for $23.5 million in cash. The locations, situated in Washington and Western Idaho, will continue operating under the Red Robin brand post-sale. Red Robin's CEO stated that partnering with Evergreen will enhance their financial flexibility and support the company's First Choice Plan, which focuses on refranchising and improving balance sheet health. As of mid-2025, Red Robin held $169.2 million in debt and has closed 23 locations as part of its restructuring efforts.
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