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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.
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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.”
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