Saks Global Files for Bankruptcy Amid Mounting Debt and Leadership Changes
Luxury retailer Saks Global has filed for Chapter 11 bankruptcy, citing significant debt from its acquisition of Neiman Marcus and appointing Geoffroy van Raemdonck as the new CEO.
Luxury retailer Saks Global, the parent company of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, has filed for Chapter 11 bankruptcy protection. The company has secured approximately $1.75 billion in financing to support operations during restructuring. Stores will remain open, and the company intends to honor commitments to customers, suppliers, and employees.
The bankruptcy follows Saks Global's $2.65 billion acquisition of Neiman Marcus in 2024, which added substantial debt. The company has faced challenges from increased competition and a fragmented luxury market. Geoffroy van Raemdonck, former CEO of Neiman Marcus, has been appointed as the new CEO, succeeding Richard Baker. Van Raemdonck stated that this is a defining moment for Saks Global and an opportunity to strengthen the business foundation.
Saks Global operates 33 Saks Fifth Avenue stores, 36 Neiman Marcus locations, two Bergdorf Goodman outlets, and approximately 70 Saks Off 5th discount stores. The company plans to maintain operations during the restructuring process.
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