Overview
- The company filed in the U.S. Bankruptcy Court for the Southern District of Texas, with stores and online channels remaining open during the process.
- Financing commitments total about $1.75 billion, including $1 billion in debtor-in-possession funding, roughly $240 million in asset-based liquidity, and $500 million available upon emergence.
- Former Neiman Marcus chief Geoffroy van Raemdonck was appointed CEO, succeeding Richard Baker as the restructuring gets underway.
- Court filings list between $1 billion and $10 billion in assets and liabilities, with major unsecured claims from suppliers including Chanel and Kering.
- Saks Global is seeking first-day orders to honor customer programs, maintain payroll, and make go-forward vendor payments, while it evaluates leases and its store footprint.