Saks Global files Chapter 11, secures $1.75 billion to keep operating

People reports Saks Global, the parent company of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, filed for Chapter 11 bankruptcy late Tuesday in U.S. Bankruptcy Court for the Southern District of Texas after struggling under a heavy debt load following its 2024 acquisition of Neiman Marcus.

Former Neiman Marcus chief executive Geoffroy van Raemdonck will immediately take over as CEO, replacing Richard Baker, who had stepped in after Marc Metrick departed in early January and held the role for just two weeks. The company said, "With support from its key financial stakeholders, Saks Global has commenced voluntary chapter 11 cases in the U.S.

Bankruptcy Court for the Southern District of Texas to facilitate its ongoing transformation," and van Raemdonck added, "This is a defining moment for Saks Global, and the path ahead presents a meaningful opportunity to strengthen the foundation of our business and position it for the future." Saks Global said it secured roughly $1.75 billion in financing, including $1 billion in debtor-in-possession funding to keep the business operating during bankruptcy and an additional $500 million in financing upon its emergence.

Key Topics

Business, Saks Global, Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Geoffroy Van Raemdonck