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
CollectionsJan 14, 2026
Boucheron Names Colman Domingo as Brand AmbassadorThe award-winning actor’s visionary approach and creativity echo the spirit of Boucheron, the brand said.
CollectionsJan 14, 2026
Marie Lichtenberg Lassos Leather for New BraceletsThe brand is trading its colorful fabric cords for Italian leather in its “Lasso” baby locket bracelets.
TechnologyJan 14, 2026
“My Next Question” Enters Its Podcast Era National Jeweler and Jewelers of America’s popular webinar series is evolving in 2026.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
IndependentsJan 14, 2026
Kansas Jeweler Wins 2025 ‘Wag’ AwardEdge Retail Academy honored Burnell’s Fine Jewelry in Wichita, Kansas, with its annual award for business excellence.
Weekly QuizJan 08, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
ColumnistsJan 13, 2026
2025 Was a ‘Price Up, Units Down’ Year, Here’s What That Signals for 2026 In a market defined by more selective consumers, Sherry Smith shares why execution will be independent jewelers’ key to growth this year.
IndependentsJan 13, 2026
Orr’s Jewelers Opens New Location in Pittsburgh’s Strip DistrictThe family-owned jeweler’s new space is in a former wholesale produce market.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
CrimeJan 13, 2026
Alleged Getaway Driver Charged in Florida Jewelry Store RobberyIvel Sanchez Rivera, 52, has been arrested and charged in connection with the armed robbery of Tio Jewelers in Cape Coral, Florida.
SourcingJan 13, 2026
Rio Grande To Offer Calibrated Diamond MeleeThe supplier’s online program allows customers to search and buy calibrated natural and lab-grown diamond melee, including in fancy shapes.
Events & AwardsJan 13, 2026
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
PodcastsJan 12, 2026
Introducing My Next Question, the PodcastA monthly podcast series for jewelry professionals
EditorsJan 12, 2026
Platinum, White Gold Rule the 2026 Golden GlobesAssociate Editor Natalie Francisco highlights her favorite jewelry moments from the Golden Globes, and they are (mostly) white hot.
GradingJan 12, 2026
Peter Yantzer, Former Executive Director of AGS Labs, Dies at 77 Yantzer is remembered for the profound influence he had on diamond cut grading as well as his contagious smile and quick wit.
MajorsJan 09, 2026
Kendra Scott Taps Activewear Exec as CEO Chris Blakeslee has experience at Athleta and Alo Yoga. Kendra Scott will remain on board as executive chair and chief visionary officer.
SurveysJan 09, 2026
U.S. Holiday Retail Sales Up 4%, Visa, Mastercard SayThe credit card companies’ surveys examined where consumers shopped, what they bought, and what they valued this holiday season.
AuctionsJan 09, 2026
Christie’s Names New Global Managing Director for LuxuryKimberly Miller has been promoted to the role.
CollectionsJan 09, 2026
Piece of the Week: Lionheart’s ‘Serenity’ Opal CharmThe “Serenity” charm set with 13 opals is a modern amulet offering protection, guidance, and intention, the brand said.
CollectionsJan 08, 2026
Pandora’s New ‘Bridgerton’ Jewels Celebrate Bees, Bows, and Blooms“Bridgerton” actresses Hannah Dodd and Claudia Jessie star in the brand’s “Rules to Love By” campaign.
Events & AwardsJan 08, 2026
Ana Khouri To Receive 2026 Gem Award for High Jewelry ExcellenceFounded by jeweler and sculptor Ana Khouri, the brand is “expanding the boundaries of what high jewelry can be.”
TrendsJan 08, 2026
Stuller’s Color of the Year Is a Stark Contrast to Pantone’s WhiteThe jewelry manufacturer and supplier is going with a fiery shade it says symbolizes power and transformation.
CollectionsJan 08, 2026
Gracie Abrams To Front New Chanel Jewelry CampaignThe singer-songwriter will make her debut as the French luxury brand’s new ambassador in a campaign for its “Coco Crush” jewelry line.
MajorsJan 08, 2026
Diamond Council of America Names New Board DirectorsThe nonprofit’s new president and CEO, Annie Doresca, also began her role this month.
ColumnistsJan 07, 2026
Peter Smith: Physical Retail—The Beginning or the End?As the shopping mall model evolves and online retail grows, Smith shares his predictions for the future of physical stores.
Events & AwardsJan 07, 2026
Melee Adds 13 New Designers to NYC ShowThe trade show is slated for Jan. 31-Feb. 2 at The Lighthouse in New York City's Chelsea neighborhood.
TrendsJan 07, 2026
Amanda’s Style File: Go for GarnetJanuary’s birthstone comes in a rainbow of colors, from the traditional red to orange, purple, and green.
SourcingJan 07, 2026
Diamonds Do Good Releases 2025 Impact ReportThe annual report highlights how it supported communities in areas where natural diamonds are mined, crafted, and sold.
