Overview
- The parent of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman filed for Chapter 11 in the Southern District of Texas, listing estimated assets and liabilities of $1 billion to $10 billion.
- The company lined up about $1.75 billion in funding, including $1 billion in debtor‑in‑possession financing, roughly $240 million in additional asset‑based liquidity, and a further $500 million available upon emergence.
- Former Neiman Marcus chief Geoffroy van Raemdonck was appointed CEO, replacing Richard Baker, as the company begins a court‑supervised restructuring.
- Saks Global said stores and e‑commerce will stay open and it intends to honor customer programs, continue payroll and benefits, and make go‑forward payments to vendors, pending court approval.
- Court filings identify major unsecured creditors including Chanel at about $136 million and Gucci owner Kering at about $60 million, following a missed interest payment of more than $100 million in late December.