Companies

Saks Global files for Chapter 11 protection

Jan 15, 2026 United States

Saks Global, the owner of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, has filed for bankruptcy protection while it works to reduce its substantial debt

In a statement, the high-end department store conglomerate announced that it had filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the Southern District of Texas. This comes barely a year after the deal that brought together Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus, following debt pressures.

The company encountered ongoing cash flow issues after acquiring Neiman Marcus, in a 2.7 billion US dollars debt-laden deal in 2024. However, this only exacerbated existing payment problems with vendors, leaving the merged company unable to implement a turnaround prior to filing for bankruptcy.

Now, Saks Global has secured approximately 1.75 billion US dollars in financing, including 1.5 billion dollars from senior secured bondholders and around 240 million dollars in additional liquidity from asset-based lenders.

All stores and e-commerce operations will remain open for the time being. However, as part of the Chapter 11 process, the company is “evaluating its operational footprint to invest resources where it has the greatest long-term potential”.

At the same time, it was announced that Geoffroy Van Raemdonck, former CEO of Neiman Marcus Group, is succeeding Richard Baker, who stepped down this week, as Executive Chairman and CEO of Saks Global. Van Raemdonck is joining Brandy Richardson, Saks Global’s Chief Financial Officer, who served alongside him at Neiman Marcus Group.

The company has also appointed Darcy Penick and Lana Todorovich, both former Neiman Marcus executives, as Chief Commercial Officer and Chief of Global Brand Partnerships at Saks Global, respectively.

“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. In close partnership with these newly appointed leaders and our colleagues across the organization, we will navigate this process together with a continued focus on serving our customers and luxury brands”, commented Geoffroy van Raemdonck.

Image Credits: wwd.com

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