Overview
- The filing was made in the U.S. Bankruptcy Court for the Southern District of Texas, with the company stating stores and e‑commerce remain open and obligations to employees and suppliers will be met.
- Financing includes a $1.0 billion debtor‑in‑possession loan, about $240 million in additional asset‑backed liquidity, and $500 million available upon emergence.
- Geoffroy van Raemdonck was appointed CEO, replacing Richard Baker, and is building a new leadership team that includes Darcy Penick and Lana Todorovich.
- Court documents list luxury‑sector creditors with roughly $345 million in claims, including Chanel at about $136 million and Puig at $12 million, alongside Kering, Richemont, LVMH and Christian Louboutin.
- Saks cites an unsustainable debt load and a missed interest payment of more than $100 million on December 30, with recent vendor shipment delays adding operational pressure as it seeks a restructuring or potential sale.