Saks Global, the U.S. luxury retail giant behind iconic brands including Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, has officially filed for Chapter 11 bankruptcy protection after years of mounting debt and declining sales. The bankruptcy filing, made in a federal court in Texas, follows a costly merger and a missed $100 million interest payment that strained the company’s finances.
To support ongoing operations and preserve its store network, Saks Global secured roughly $1.75 billion in debtor-in-possession financing from a group of bondholders and lenders. The company also appointed Geoffroy van Raemdonck, former CEO of Neiman Marcus, as its new leader in an effort to steer the turnaround.
Despite these measures, the bankruptcy highlights deep challenges in the traditional luxury retail model, including reduced consumer demand, supply chain issues, and strained vendor relationships that left some suppliers withholding inventory.
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