Saks Wins Approval to Exit Bankruptcy After Reorganizing

Luxury retailer Saks Global Enterprises won court permission to exit bankruptcy, after shutting its discount businesses and closing unprofitable stores so as to focus on selling the high-end goods for which it has long been known.

US Bankruptcy Judge Alfredo Perez said he would approve the company’s reorganization plans, which he called “an extraordinary result.”

Deals that Saks struck with creditors “allowed the company to get back on its feet and back to work,” Perez said during a court hearing in Houston on Friday.

Since filing for court protection in January, Saks has closed many of its discount outlets in ...