Saks Global, a US-based luxury retailer, has filed for voluntary Chapter 11 bankruptcy protection as part of a financial restructuring. The company secured $1.75 billion in committed capital.
Proceedings began in the US Bankruptcy Court for the Southern District of Texas. The filing outlines plans to stabilize finances while pursuing an operational transformation.
The financing includes a $1.5 billion commitment from an ad hoc group of senior secured bondholders. Asset-based lenders provided an additional $240 million in incremental liquidity.
Subject to court approval, $1 billion will be available as debtor-in-possession financing to fund operations during the Chapter 11 process. Another $500 million from bondholders is expected after the company emerges from bankruptcy, anticipated later this year.
Saks Global stated the transaction aims to strengthen its balance sheet and maintain liquidity. The company is reassessing its operational footprint, with investment directed toward areas offering strong long-term potential.
As part of the filing, the company submitted customary first-day motions seeking approval to continue business as usual. These requests include honoring customer programs, making payments to vendors, and maintaining employee payroll and benefits.
Stores and e-commerce operations across Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call, and Horchow will remain open throughout the restructuring process.
Alongside the Chapter 11 filing, the group announced changes to its senior leadership team. Geoffroy van Raemdonck has been appointed CEO with immediate effect, succeeding Richard Baker, who stepped down as executive chairman and CEO earlier this month.
Van Raemdonck previously served as CEO of the Neiman Marcus Group before its acquisition by Saks Global in 2024. He will work alongside CFO Brandy Richardson, who also previously held the CFO role at the Neiman Marcus Group.
The leadership team is expanding further with the appointment of Darcy Penick as president and chief commercial officer. Penick will oversee stores, marketing, buying, digital, analytics, and customer care.
Lana Todorovich has been named chief of global brand partnerships, responsible for managing enterprise-level relationships with brand partners.
Commenting on his appointment, van Raemdonck said, "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."
He added, "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."