Saks Global has filed for bankruptcy protection after collapsing under the financial strain of its US$2.7bn acquisition of department store chain Neiman Marcus in 2024.
The luxury US retailer commenced voluntary Chapter 11 cases in the US Bankruptcy Court for the Southern District of Texas to facilitate its ongoing transformation.
Department stores Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow will all remain open for trading during this period.
To support the financial turnaround, Saks Global has secured a financing commitment of approximately $1.75bn.
The business will also evaluate its operational footprint and invest resources where it has the “greatest long-term growth potential”, according to Saks Global.
Saks Global added in a statement: “This approach reflects an effort to focus the business in areas where the company’s luxury retail brands are best positioned for sustainable growth.”
Geoffroy Van Raemdonck, who previously served as CEO of Neiman Marcus Group prior to its acquisition by Saks Global, succeeds Richard Baker, who stepped down from his role as Executive Chairman and CEO of Saks Global, effective 13 January.
Baker had previously succeeded Marc Metrick, who stepped down on 5 January 2026 after a career of nearly 30 years with the retailer to pursue new opportunities.
Brandy Richardson will serve as Saks Global’s CFO; Darcy Penick has been named President, Chief Commercial Officer; and Lana Todorovich has been named Chief of Global Brand Partnerships.
The bankruptcy filing follows Saks Global missing a $100m debt payment related to its purchase of Neiman Marcus, according to a report by the Wall Street Journal.
The group includes 70 luxury retail locations under the Saks Fifth Avenue, Saks off 5th, Neiman Marcus, and Bergdorf Goodman.
The combined business also includes a $7bn portfolio of retail real estate holdings from HBC’s US real estate assets and Neiman Marcus Group’s real estate assets.
Saks Global investors include Amazon and Authentic Brands Group.
Cosmetics Business has contacted Saks Global for comment.