Saks Global Holdings LLC, the parent company of Saks Fifth Avenue and Neiman Marcus, has filed for bankruptcy protection. To support the process, it has secured a financing commitment of roughly $1.75 billion from stakeholders. In addition, the parent entity has started a major leadership transition with seasoned executives making a comeback.
Saks Global’s Bankruptcy Filing and Immediate Financing Measures
Saks Global Holdings LLC (or Saks Global) has entered into a voluntary Chapter 11 process in the U.S. Bankruptcy Court for the Southern District of Texas.
In this backdrop, the luxury retail company announced a major financial transaction involving secured financing of $1.75 billion. This includes a $1.5 billion amount from an Ad Hoc Group of its senior bondholders and roughly $240 million of incremental liquidity from asset-based creditors.
The financing is designed to fund operations during the court-supervised process and support the company’s long-term strategy as a multi-brand luxury retailer.
Pending court approval, $1 billion from the Ad Hoc Group will be provided as debtor-in-possession financing, with an additional $500 million, once the company exits Chapter 11 later this year.
Apart from this, through first-day motions, Saks Global hopes to facilitate a smooth transition into the Chapter 11 process. Once approved, the retail brand could pay vendors, continue employee payroll and benefits, and honor customer programs.
Operational Continuity: Store Openings and Customer Assurance
While the parent entity, Saks Global, moves through the Chapter 11 process, day-to-day operations across its brands are expected to continue without disruption.
Customers can continue shopping for luxury items and experience personalized services across Saks Fifth Avenue, Bergdorf Goodman, Neiman Marcus, Horchow, Last Call, and Saks OFF 5TH.
Advisors in the Case
The two legal counsel in the Saks Global case are Willkie Farr & Gallagher LLP and Haynes and Boone, LLP. PJT Partners LP is the investment banker, and Berkeley Research Group is the financial advisor deployed for the Chapter 11 process. C Street Advisory Group is the strategic communications advisor for Saks Global.
The legal counsel for the Ad Hoc Group is Paul, Weiss, Rifkind, Wharton & Garrison LLP. Lazard Frères & Co, LLC is the investment banker, and FTI Consulting, Inc. is the financial advisor for the group. Kekst CNC is the strategic communications advisor for the Ad Hoc Group.
Major Leadership Shift Amid Bankruptcy
Luxury retail veteran Geoffroy van Raemdonck has been appointed CEO of Saks Global. He succeeds Richard Baker, who stepped down as CEO effective January 13.
Baker’s tenure was brief, as he was appointed as the CEO and Executive Chairman on January 2, 2026. Baker will continue to serve as the Executive Chairman of Saks Global, though.
On the other hand, Van Raemdonck was the CEO of Neiman Marcus Group before its acquisition by its parent company, Saks Global, in 2024. He now joins the parent entity’s CFO, Brandy Richardson, who served alongside him as CFO at Neiman Marcus Group.
To help lead Saks Global, Van Raemdonck is bringing in experienced executives from Neiman Marcus Group. One of them is Darcy Penick, who has been appointed as the President, Chief Commercial Officer, Saks Global, and will oversee the stores, buying, marketing, customer care, digital, and analytics.
Van Raemdonck has also brought in Lana Todorovich as Saks Global’s Chief of Global Brand Partnerships. Todorovich will oversee the retail brand’s enterprise-level efforts with brand partners.
”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,” said van Raemdonck.
”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. I look forward to serving as CEO and continuing to transform the Company so that Saks Global continues to play a central role in shaping the future of luxury retail,” van Raemdonck added.
Van Raemdonck brings decades of leadership experience in global consumer and luxury retail brands. Over the years, he has held leadership roles at Ralph Lauren, Louis Vuitton, and other brands.
“Geoffroy has a proven track record driving transformative growth at Neiman Marcus Group and other brands, building trusted relationships within these organizations and throughout the industry. His leadership will help advance the Company’s focus on stability and long-term value creation,” said Paul Aronzon, Member of Saks Global’s Board of Directors.
”We also want to thank Richard, who was a visionary leader during his tenure at Saks Global. We are grateful for his contributions and wish him continued success in the future,” Aronzon added.
Saks Global’s retail portfolio includes 70 full-line luxury stores, five diverse e-commerce experiences, and additional off-price locations. The retail giant is focused on offering customers personalized experiences while working for its vision, ‘The Art of You.’
Saks Global Properties & Investments comprises Saks Fifth Avenue and Neiman Marcus flagship locations. It also represents roughly 13 million square feet of prominent real estate holdings and luxury market investments in the U.S.
With new financing in place and a revamped leadership team, Saks Global plans to continue operating while restructuring for its next chapter in luxury retail.
