Saks Global Files for Chapter 11 Protection in Texas to Pursue $1.75 Billion Financing

Overview

• Saks says stores remain open and it intends to continue customer programs, pay suppliers going forward, and maintain employee pay and benefits.
• The proposed roughly $1.75 billion package includes a debtor-in-possession loan reported to be led by Pentwater and Bracebridge, an additional asset‑based facility of about $240 million, and $500 million in exit financing, all subject to court approval.
• Geoffroy van Raemdonck, formerly Neiman Marcus CEO, was named chief executive, with Darcy Penick and Lana Todorovich taking senior merchandising and brand partnership roles.
• The company reported roughly $5 billion in debt and missed more than $100 million in interest due on December 30, and it estimated assets and liabilities of $1 billion to $10 billion in court filings.
• Saks listed major luxury houses including Chanel, Kering, and LVMH as unsecured creditors, requested 45 days to file detailed financials, and signaled potential portfolio moves such as closing four dark stores and monetizing real estate.