Retail trade US luxury department store group Saks Global files for bankruptcy
The financially troubled luxury department store group Saks Global has filed for bankruptcy protection in the USA. The company filed for restructuring proceedings under Chapter 11 of the US Bankruptcy Code, as it announced.
14.01.2026, 10:04
SDA
The proceedings are also intended to give the luxury retailer scope to negotiate a debt restructuring with creditors or take other steps to ensure its continued existence.
The company also said it had secured a financing commitment of around 1.75 billion US dollars and announced the appointment of a new CEO.
Saks Global was formed in 2024 from the merger of the US luxury department store chains Saks Fifth Avenue and Neiman Marcus. The company is also said to have recently come under pressure as competition from online stores has increased and luxury brands have started to increasingly sell items through their own stores.
"With the support of its key financial partners, Saks Global has commenced voluntary Chapter 11 bankruptcy proceedings in the U.S. Bankruptcy Court for the Southern District of Texas to facilitate its ongoing reorganization," the company announced. The stores and e-commerce offerings of Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow will remain open.
In addition, Saks Global announced the appointment of Geoffroy van Raemdonck as its new Chief Executive Officer/CEO, effective immediately. The former Neiman Marcus CEO will replace Richard Baker, who was the architect of the acquisition strategy and stepped down as head of Saks Global in January.
"This is a pivotal moment for Saks Global, and the road ahead presents a significant opportunity to strengthen the foundation of our business and position it for the future," said van Raemdonck, according to the statement.
