Overview
- The owner of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman filed voluntary Chapter 11 cases in the Southern District of Texas and said stores and e-commerce remain open.
- Saks Global secured about $1.75 billion in committed capital, including a $1 billion debtor‑in‑possession facility and roughly $240 million of incremental asset‑based liquidity, with an additional $500 million available upon emergence subject to court approval.
- Former Neiman Marcus chief Geoffroy van Raemdonck was named CEO as Richard Baker stepped down on Jan. 13, and he is adding Darcy Penick and Lana Todorovich to senior roles alongside CFO Brandy Richardson.
- Court filings list Chanel and Gucci owner Kering among the largest unsecured creditors, with reported claims of about $136 million and $60 million respectively.
- The restructuring follows missed interest payments tied to high‑interest bonds used to finance the 2024 Neiman Marcus deal, and the company is seeking first‑day relief to honor customer programs and make go‑forward payments to vendors.