ColumnistsJan 07, 2026
Peter Smith: Physical Retail—The Beginning or the End?MajorsJan 14, 2026
Saks Files for Bankruptcy, Names New CEO
The department store chain owes millions to creditors like David Yurman, Roberto Coin, Kering, and LVMH.
Saks Fifth Avenue’s New York City flagship was decked out in holiday lights this season. Parent company Saks Global filed for Chapter 11 bankruptcy protection late Tuesday. (Image courtesy of Saks Fifth Avenue’s Facebook page)
Houston—Saks Global filed for Chapter 11 bankruptcy protection late Tuesday in the U.S. Bankruptcy Court for the Southern District of Texas, the retailer announced Wednesday.
The 159-year-old department store chain had been struggling under the weight of mounting debt and has lost key executives and merchants in recent months.
After the retailer failed to make a $100 million interest payment to bondholders earlier this month, reports of a pending bankruptcy filing grew.
Saks Global was looking for a loan of as much as $1 billion to keep the business running, according to a Bloomberg report.
The retailer got a loan that will keep it afloat for now, but it was not enough to forestall a bankruptcy filing.
In its announcement on Wednesday, Saks Global said it had secured financing of $1.75 billion, including $1.5 billion from an ad hoc group of its senior secured bondholders and $240 million of incremental liquidity from its asset-based lenders.
The funds will help strengthen its balance sheets and continue operations, it said.
Saks Global filed several customary “first day” motions, which it expects will be approved, so it can continue to run customer programs, pay vendors, and fund employee payroll and benefits.
It said its stores, which include Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks Off 5th, Last Call, and Horchow, will remain open through the bankruptcy proceedings.
Saks has struggled to pay its vendors, including numerous jewelry designers and brands.
As per court documents, the company’s liabilities and assets are both estimated to be between $1 billion to $10 billion, with money owed to up to 25,000 creditors.
Its top unsecured creditors include Chanel ($136 million), Kering ($59.9 million), and clothing brand Rosen-X ($41.4 million).
Other creditors include Michael Kors parent company Capri Holdings ($33.3 million), Richemont ($30 million), and LVMH ($25.9 million).
As for jewelry brands, David Yurman is owed $11.5 million while Roberto Coin is owed $9.8 million.
Related stories will be right here …
The 159-year-old department store chain had been struggling under the weight of mounting debt and has lost key executives and merchants in recent months.
After the retailer failed to make a $100 million interest payment to bondholders earlier this month, reports of a pending bankruptcy filing grew.
Saks Global was looking for a loan of as much as $1 billion to keep the business running, according to a Bloomberg report.
The retailer got a loan that will keep it afloat for now, but it was not enough to forestall a bankruptcy filing.
In its announcement on Wednesday, Saks Global said it had secured financing of $1.75 billion, including $1.5 billion from an ad hoc group of its senior secured bondholders and $240 million of incremental liquidity from its asset-based lenders.
The funds will help strengthen its balance sheets and continue operations, it said.
Saks Global filed several customary “first day” motions, which it expects will be approved, so it can continue to run customer programs, pay vendors, and fund employee payroll and benefits.
It said its stores, which include Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks Off 5th, Last Call, and Horchow, will remain open through the bankruptcy proceedings.
Saks has struggled to pay its vendors, including numerous jewelry designers and brands.
As per court documents, the company’s liabilities and assets are both estimated to be between $1 billion to $10 billion, with money owed to up to 25,000 creditors.
Its top unsecured creditors include Chanel ($136 million), Kering ($59.9 million), and clothing brand Rosen-X ($41.4 million).
Other creditors include Michael Kors parent company Capri Holdings ($33.3 million), Richemont ($30 million), and LVMH ($25.9 million).
As for jewelry brands, David Yurman is owed $11.5 million while Roberto Coin is owed $9.8 million.
The bankruptcy news follows the recent departure of Saks Global CEO Marc Metrick, a 30-year veteran of the company who held the role for a year.
Richard Baker stepped in as CEO, but he stepped down on Tuesday after just two weeks, also departing vacating his role as executive chairman of Saks Global.
Former Neiman Marcus CEO Geoffroy van Raemdonck has been appointed CEO, effective immediately.
Saks Global has owned Neiman Marcus since December 2024.
Van Raemdonck named his own senior leadership team, bringing on industry veterans and former Neiman Marcus Group leaders.
Darcy Penick has been named president and chief commercial officer of Saks Global, overseeing stores, marketing, buying, digital, analytics, and customer care.
Lana Todorovich has been named chief of global brand partnerships of Saks Global, leading its efforts with brand partners at an enterprise level.
“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,” van Raemdonck said in the company’s announcement.
“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.”
More on Majors
The Latest
Policies & IssuesOct 06, 2026
6 Charged in Connection to String of New Jersey Smash-and-GrabsThe alleged thieves used crow bars and sledgehammers to smash into jewelry stores across the state.
ColumnistsOct 06, 2026
Sherry Smith: Is the Consumer Really Trading Up?Ahead of the holidays, Smith urges jewelers to take a hard look at who’s buying jewelry, what they’re purchasing, and who’s stopped buying.
SourcingOct 06, 2026
DDG Taps Influencers for ‘My Diamond Does Good’ CampaignIn the new consumer-facing campaign, four fashion and lifestyle creators share the stories behind their natural diamond pieces.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
Events & AwardsOct 06, 2026
JIS Fall Returns to MiamiThe 2026 edition will feature presentations on alternative materials and design trends, as well as pop-up activations on the show floor.
Weekly QuizOct 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingOct 05, 2026
De Beers to Take Full Ownership of Gahcho KuéIt is the last fully operational diamond mine in Canada following the recent closures of Ekati and Diavik.
AuctionsOct 05, 2026
The Star Cats of the Sandy Lerner AuctionThese jewels stood out at Bonhams’ sale of the cat-loving tech entrepreneur’s collection of objects depicting the feline form.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
CollectionsOct 05, 2026
Sorellina Writes Another Love Letter for ‘Postscript’ CollectionThe fine jewelry brand has expanded the collection that debuted at Couture with four new designs based on its most popular styles.
SourcingOct 05, 2026
Bruce Bridges Joins CIBJO BoardThe AGTA president was elected for a two-year term on the board of directors.
SourcingOct 02, 2026
De Beers, National Geographic Society Renew Okavango Eternal Partnership The partnership, a pledge to protect Africa’s Okavango River Basin, has been extended for an additional five years.
TrendsOct 02, 2026
Hearts On Fire Celebrates 30th Anniversary With Heart PendantThe special-edition “Dream” pendant, our Piece of the Week, was created to mark Hearts On Fire’s 30-year milestone with 30 diamonds.
CrimeOct 01, 2026
Police Looking for 4 Suspects in $600K Smash-and-Grab RobberyDubai Jewelers in Springfield, Virginia, was once again the target of an armed robbery.
SurveysOct 01, 2026
Rolex Ranks Among Most Recommended Brands in US, Survey Says YouGov’s 2026 U.S. Most Recommended Brands report’s out, and a fast-fashion giant is sitting at No. 1 while Rolex is just shy of the top 5.
SourcingOct 01, 2026
Columbia Gem House Opens ‘Cutting Toward Change’ FundraiserProceeds from its jewelry raffle will benefit an organization working in India to combat silicosis, a lung disease affecting stone cutters.
TrendsOct 01, 2026
Carolina Hurricanes’ Championship Ring Reveals Hidden Hockey Puck PendantThe rings, crafted by Jason of Beverly Hills, celebrate the hockey team’s Stanley Cup win with design elements that honor its traditions.
TrendsOct 01, 2026
Amanda’s Style File: October’s Color Range This roundup of birthstone jewelry for October features vibrant tourmalines and opals with personality.
SourcingSep 30, 2026
Botswana’s President, De Beers CEO Say Diamond Demand Is RecoveringPresident Duma Boko spoke at back-to-back events in the city last week, touting Botswana’s stability and the diamond “bounceback.”
CollectionsSep 30, 2026
Oscar Heyman’s Holiday Book Is ‘A Living Archive’ The catalog showcases 112 new, one-of-a-kind pieces amid highlights from the jeweler’s historic archive.
SourcingSep 30, 2026
Gemfields Posts $98.5M Loss, Writes Down Value of Ruby MineIts Montepuez Ruby Mining operation in Mozambique, which is not yielding enough high-quality rubies, has taken a $125 million hit.
SurveysSep 30, 2026
Consumer Confidence Falls to 12-Year Low in SeptemberThose surveyed were worried about the present and the future, with write-in responses mentioning high oil and gas prices.
Events & AwardsSep 30, 2026
Jewelers of America, JA New York to Host Networking EventThe event will take place on the evening of Oct. 26 in New York City.
IndependentsSep 29, 2026
Christy Bromberg, Longtime Gift Buyer for Underwood Jewelers, Dies at 68She is remembered for her joie de vivre, upbeat personality, genuine interest in other people, and love of the Alabama Crimson Tide.
AuctionsSep 29, 2026
Dionne Warwick’s Jewelry Goes Up for AuctionOnline bidding is open now for Julien’s sale of items owned by the “Walk On By” singer, whose final album comes out this fall.
Events & AwardsSep 29, 2026
Matt Stuller to Receive 2027 Gem Award for Lifetime AchievementThe founder and executive chairman of Stuller Inc. is being honored for his impact on the jewelry industry at the 25th annual Gem Awards.
ColumnistsSep 29, 2026
Your Holiday Marketing Has a Bridal Blind SpotDecember is the most popular month to propose, and jewelers need to keep that in mind when planning their holiday marketing.
AuctionsSep 29, 2026
If You Love Cats, This Jewelry Auction Is for YouCat ladies of the jewelry world, unite. Sandy Lerner’s collection of cat jewelry and other objects is going up for auction Wednesday.
