Overview
- Saks Global commenced Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas and said stores and e-commerce will stay open during the case.
- Former Neiman Marcus CEO Geoffroy van Raemdonck was appointed to lead the restructuring, replacing Richard Baker, who had briefly stepped in after Marc Metrick resigned earlier this month.
- The company announced roughly $1.75 billion in financing commitments, including about $1 billion in debtor-in-possession funding, approximately $240 million in incremental liquidity from asset-based lenders, and $500 million committed upon emergence.
- Saks said it expects to honor customer programs and continue payroll as well as go-forward payments to suppliers while seeking initial court approvals to stabilize operations.
- Court filings list major luxury brands among unsecured creditors, including Chanel and Gucci owner Kering with large claims, as the company evaluates its store footprint and potential strategic options under Chapter 11.