Overview
- Saks Global commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas, with all stores and e‑commerce sites operating.
- The company announced about $1.75 billion in committed financing, including a $1 billion debtor‑in‑possession facility from an ad hoc bondholder group, roughly $240 million in incremental asset‑based liquidity, and $500 million available at emergence.
- Former Neiman Marcus Group chief Geoffroy van Raemdonck was appointed CEO, succeeding Richard Baker, and he is bringing back executives Darcy Penick and Lana Todorovich; CFO Brandy Richardson remains in place.
- Court filings list major unsecured creditors including Chanel at roughly $136 million and Kering at about $60 million, highlighting sizable exposures to luxury brand partners.
- Saks Global is seeking first‑day court approvals to honor customer programs, make go‑forward vendor payments, and continue payroll, and it is evaluating its store footprint with an aim to emerge later this year.