Saks Global files for bankruptcy amid heavy debt and vendor strains

Saks Global, the owner of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, filed for bankruptcy protection late Tuesday, saying it had been overwhelmed by billions of dollars in debt, fraying relationships with vendors and lagging sales. The company said it had secured roughly $1.75 billion to help finance operations through the bankruptcy, much of it from bondholders, and said it intended to emerge later this year.

Saks said it expected to honor customer programs, make payments to vendors and continue to pay employees. Geoffroy van Raemdonck will return as chief executive, succeeding Richard Baker, and the company has added Darcy Penick as president and chief commercial officer. "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," Mr.

van Raemdonck said in a statement. The filing follows a troubled stretch after Mr. Baker in 2024 orchestrated a $2.7 billion acquisition of the Neiman Marcus Group that relied on roughly $2 billion in debt. Moodys staff described the deals finances as "a recipe for disaster," and a Moodys vice president said it was "the fastest failure of an acquisition of this magnitude" he had seen.

Saks reported a revenue decline of more than 13 percent for the quarter ending Aug. 2, missed a loan payment at the end of 2025 and saw key executives and employees depart.

Key Topics

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