The American department store giant, heavily indebted by the acquisition of its competitor Neiman Marcus, has filed for Chapter 11 bankruptcy protection and announced a new financing plan and the replacement of its CEO. Saks Global is attempting to regain the confidence of the luxury and fashion brands that supply it, to which it already owes sometimes astronomical sums.
Weighed down by the acquisition, at the end of 2024, of its competitor Neiman Marcus (and its subsidiary Bergdorf Goodman), Saks Global has ultimately been unable to avoid bankruptcy.
The American group has officially announced, via a press release, that it has filed for voluntary bankruptcy (Chapter 11) with the Southern District Court of Texas. The legal proceedings should enable it to negotiate a restructuring of its debt with its creditors or find a new owner in order to avoid closure.
New financing plan
In addition to finalizing a new $1.75 billion financing plan, Saks Global has also just announced the appointment of Geoffroy van Raemdonck, former CEO of the Neiman Marcus department store chain, as the group’s new CEO. He replaces Richard Baker, who had just taken on this role.
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Read also > Saks Global, on the brink of bankruptcy, changes leadership
Featured photo: © DR
