Saks Global Enterprises has filed for bankruptcy. The company took this step to deal with heavy losses and a large debt burden. This iconic luxury retailer made the announcement in a statement.
Bankruptcy Filing Details
The company entered Chapter 11 bankruptcy in Texas. Saks Global operates its well-known Saks Fifth Avenue stores. It also runs Bergdorf Goodman and Neiman Marcus locations.
Leadership and Operational Changes
Saks appointed Geoffroy van Raemdonck as its new CEO. He previously served as the chief of Neiman Marcus Group. The company is now evaluating its operational footprint. It plans to invest in areas with the greatest long-term potential.
Recent Financial Struggles
This move comes just over a year after debt investors provided Saks with billions of dollars in new debt. That money helped fund its acquisition of Neiman Marcus. However, within months, the debt fell to deeply distressed levels. By the end of 2025, Saks skipped an interest payment to bondholders. That missed payment totaled more than $100 million.
Financing and Store Operations
Saks has secured approximately $1.8 billion in financing. This includes $1.5 billion from an ad hoc group of the company's senior secured bondholders. The company shared this information in its Wednesday statement.
Stores under the Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, and Saks OFF 5TH brands will remain open. The retailer expects to honor all customer programs during the Chapter 11 process. It also plans to make go-forward payments to vendors. Employee payroll will continue as usual.
