Luxury retail company Saks Global has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas and has secured $1.75 billion in financing.
It also appointed Geoffrey van Raemdonck as chief executive officer, effective immediately. Van Raemdonck, former CEO of Neiman Marcus Group, joins Saks Global’s Chief Financial Officer Brandy Richardson, who served as CFO alongside him at Neiman Marcus Group.
Van Raemdonck succeeds Richard Baker, who has stepped down as executive chairman and CEO of Saks Global, effective Jan. 13.
The company’s senior leadership has been expanded with former Neiman Marcus Group leaders. Darcy Penick has been named president, chief commercial officer, Saks Global, overseeing stores, marketing, buying, digital, analytics and customer care. Lana Todorovich has been named chief of global brand partnerships, Saks Global, leading the luxury retailer’s efforts with brand partners at an enterprise level.
Saks Global acquired Neiman Marcus Group in late December, 2024 for $2.7 billion, and has reportedly been struggling since then with missed payments to vendors and other issues.
“This is a defining moment for Saks Global, and the path ahead presents a meaningful opportunity to strengthen the foundation of our business and position it for the future,” said van Raemdonck in press release issued this morning. “In close partnership with these newly appointed leaders and our colleagues across the organization, we will navigate this process together with a continued focus on serving our customers and luxury brands. I look forward to serving as CEO and continuing to transform the company so that Saks Global continues to play a central role in shaping the future of luxury retail.”
The company’s nameplates, which include Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks Off 5th, Last Call and Horchow, remain open. The company has secured $1 billion of debtor-in-possession financing from an ad hoc group of the company’s senior secured bondholders, pending court approval. The company listed assets between $1 billion to $10 billion and its number of creditors is between 10,000 and 25,000, according to the filing.
The ad hoc group has also committed $500 of financing available to the company when it emerges from bankruptcy, which it said it expects to do later this year.
