"Saks Global, the company that owns luxury department store chain Saks Fifth Avenue and its Midtown flagship, officially filed for bankruptcy on Wednesday, according to multiple reports. The Chapter 11 proceedings followed at least a year of financial struggles, marked by poor sales and billions in debt after a $2.7 billion deal to merge Saks Fifth Avenue and the Neiman Marcus Group in 2024. Stores and e-commerce sites across Saks Fifth Avenue and affiliated retailers remain open and available for customers to use."
"Saks Global filed the claim in the U.S. Bankruptcy Court for the Southern District of Texas on Jan. 14. According to the news outlet Retail Dive, Saks Global entered bankruptcy court with a $1.75 billion financing package, comprising $1.5 billion from an ad hoc group of its senior secured bondholders and approximately $240 million in incremental liquidity from its asset-based lenders. Meanwhile, Saks Global announced Geoffroy van Raemdonck as its new CEO on Wednesday, effective immediately."
Saks Global filed for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas on Jan. 14 after at least a year of financial struggles following a $2.7 billion merger with the Neiman Marcus Group in 2024. The company faced poor sales and billions in debt while stores and e-commerce sites remain open. The filing included a $1.75 billion financing package, with $1.5 billion from an ad hoc group of senior secured bondholders and about $240 million from asset-based lenders. Geoffroy van Raemdonck was named CEO effective immediately, Richard Baker resigned Jan. 13, and the company initiated leadership restructuring, including naming Darcy Penick president and chief commercial officer overseeing stores, marketing, buying, digital, analytics and customer care.
Read at www.amny.com
Unable to calculate read time
Collection
[
|
...
]