Overview
- The parent of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman sought Chapter 11 protection in the Southern District of Texas and said stores and e-commerce remain open.
- The company announced about $1.75 billion in financing, including roughly $1 billion in debtor-in-possession funding from a bondholder group reported to include Pentwater and Bracebridge, plus a $240 million asset-backed facility and $500 million available upon emergence.
- Former Neiman Marcus chief Geoffroy van Raemdonck was appointed CEO, replacing Richard Baker, and Darcy Penick was named president and chief commercial officer to help steer the restructuring.
- Court filings estimate assets and liabilities at $1 billion to $10 billion and list major unsecured claims such as approximately $136 million to Chanel, about $60 million to Kering and $26 million to LVMH.
- After vendor shipments slowed over unpaid bills, Saks Global said it will honor customer programs, continue payroll and benefits, make go-forward vendor payments and evaluate its operational footprint during the court process.