Saks Global Files for Chapter 11 in Texas Court

Overview

• Saks Global commenced a voluntary Chapter 11 case in the Southern District of Texas and says stores remain open with customer programs, supplier payments, and payroll intact.
• The company outlined a financing package of about $1.75 billion that requires court approval, including a $1 billion debtor-in-possession loan and a $240 million asset-based facility, plus $500 million of exit financing.
• Geoffroy van Raemdonck was named chief executive, with former Neiman Marcus executives Darcy Penick and Lana Todorovich taking senior commercial and brand partnership roles.
• The retailer carries roughly $5 billion in debt and failed to pay more than $100 million in interest due on December 30 linked to the 2024 Neiman Marcus acquisition.
• Court filings list between 10,001 and 25,000 creditors, including Chanel at about $136 million, Kering at $60 million, and LVMH at $26 million as unsecured claims.