Overview
- The luxury retailer initiated a voluntary Chapter 11 process to facilitate a restructuring and negotiations with creditors.
- It obtained a roughly $1.75 billion financing commitment to fund operations during the proceedings.
- Former Neiman Marcus chief Geoffroy van Raemdonck was appointed CEO effective immediately, succeeding Richard Baker.
- Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow continue to operate in stores and online.
- The 2024 merger of Saks Fifth Avenue and Neiman Marcus created Saks Global, which has faced pressure from rising e-commerce competition, brand direct-to-consumer strategies and debt.