Overview
- The owner of Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman and Saks OFF 5TH filed Chapter 11 in the Southern District of Texas and said stores and e‑commerce remain open.
- The company lined up about $1.75 billion in commitments, including roughly $1 billion in debtor‑in‑possession financing from a bondholder group reported to include Pentwater Capital and Bracebridge Capital, plus about $240 million from asset‑based lenders and $500 million available upon emergence.
- Former Neiman Marcus CEO Geoffroy van Raemdonck was named chief executive, replacing Richard Baker, as Saks also added Darcy Penick and Lana Todorovich to senior roles and kept Brandy Richardson as CFO.
- Court filings cite liabilities of $1 billion to $10 billion after a 2024 Neiman Marcus deal left the company heavily leveraged and a missed interest payment of more than $100 million in December deepened a cash crunch.
- Saks sought first‑day relief to honor customer programs, continue payroll and pay go‑forward vendors, while vendors’ shipment pauses, unsecured claims by major brands, and a review of the store footprint and key real estate remain central issues in the restructuring.