Saks Global Files for Bankruptcy, Names New CEO and Secures Financing

Saks Global Holdings LLC filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas on January 13, 2026. The company continues to operate its retail stores and online platforms during the restructuring process.

The bankruptcy filing follows a missed $100 million interest payment in December 2025 related to Saks Global’s acquisition of Neiman Marcus. The company’s bankruptcy petition lists unsecured debts to several luxury brands, including Chanel, Gucci (Kering), and LVMH.

Saks Global secured approximately $1.75 billion in debtor-in-possession financing to support ongoing operations during the restructuring. This financing package includes $1.5 billion from senior secured bondholders and about $240 million from asset-based lenders.

On the same day as the bankruptcy filing, Saks Global appointed Geoffroy van Raemdonck, the former CEO of Neiman Marcus Group, as its new chief executive officer, succeeding Richard Baker. The company stated that all of its retail banners, such as Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call, and Horchow, remain open during the proceedings.

What the numbers show

• Chapter 11 bankruptcy filed on January 13, 2026
• Debtor-in-possession financing totals $1.75 billion
• Missed $100 million interest payment in December 2025

According to company statements, Saks Global continues to pay employees and vendors while maintaining normal store and e-commerce operations throughout the restructuring. The company’s bankruptcy filing comes amid a period of declining luxury sales, high debt burdens, and strained relationships with suppliers.

The bankruptcy documents indicate that Saks Global’s unsecured debts involve major luxury suppliers. These include well-known brands such as Chanel, Gucci (Kering), and LVMH, as listed in court filings.

Saks Global Holdings LLC owns and operates several luxury retail brands. The company stated that all physical stores and online shopping platforms will remain open for customers during the Chapter 11 process.

Industry reports have noted that the company’s financial challenges are linked to broader trends in the luxury sector, including reduced consumer spending and increased debt levels. Saks Global’s restructuring efforts are focused on maintaining business continuity while addressing its financial obligations.

* This article is based on publicly available information at the time of writing.