NEW YORK CITY — Saks Global Holdings LLC, the owner of luxury retailers such as Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, has filed for voluntary Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas.
The company secured a financing commitment of approximately $1.75 billion, comprising $1.5 billion from an ad hoc group of the company’s senior secured bondholders and roughly $240 million of incremental liquidity from its asset-based lenders. Saks Global says the financing package will strengthen its balance sheet and position the company for “a strong and stable future.”
In addition, Saks Global has appointed Geoffroy van Raemdonck as CEO, effective immediately. Van Raemdonck, who previously served as CEO of Neiman Marcus Group prior to its acquisition by Saks Global in 2024, succeeds Richard Baker, who stepped down from his role as executive chairman and CEO of Saks Global, effective Jan. 13.
Van Raemdonck is expanding Saks Global’s senior leadership team, appointing industry veterans and former Neiman Marcus Group leaders.
“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,” says van Raemdonck.
Stores and e-commerce operations across Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow will remain open.
As part of the Chapter 11 process, Saks Global is evaluating its operational footprint to invest resources where it has the greatest long-term potential, according to a news release.
Saks Global is seeking relief through a number of customary “first day” motions with the court, including requests to honor all customer programs, make go-forward payments to vendors and continue employee payroll and benefits.
The company says that upon court approval, the $1 billion of debtor-in-possession (DIP) financing from the ad hoc group will provide ample liquidity to fund its operations and turnaround initiatives. The ad hoc group has also committed $500 million of financing to be available to the company upon its emergence from bankruptcy, which is expected later this year.
New York City-based Saks Global is the largest multi-brand luxury retailer in the world. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five e-commerce experiences.
Saks Global Properties & Investments includes a portfolio of real estate assets in luxury markets, including the Saks Fifth Avenue and Neiman Marcus flagship properties. It owns or controls, either entirely or with joint venture partners, nearly 13 million square feet of gross leasable area in the U.S.
The flagship Saks Fifth Avenue store in New York City opened in 1924.
— Kristin Harlow