A statement from the company notes that “stores and ecommerce experiences across Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow” are open. Image credit: Saks U.S. holding company Saks Global is restructuring.
The business has filed for Chapter 11 bankruptcy protection. Effective immediately, Geoffroy van Raemdonck, the former leader of Neiman Marcus Group, assumes the role of Saks Global CEO.
“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,” said Mr. van Raemdonck, in a statement.
“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,” he said. “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.”
Next steps
The U.S. Bankruptcy Court for the Southern District of Texas will oversee the Chapter 11 cases. According to a statement, Saks Global has secured about $1.75 billion in bankruptcy financing commitments.
As part of the Jan. 14 announcement, it notes that “stores and ecommerce experiences across Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow” remain open.
The filing comes after the luxury department store owner reportedly missed an interest payment owed to creditors last month, tied to its December 2024 acquisition of Neiman Marcus Group.
Saks Global is also sharing several key leadership appointments.
The U.S. Bankruptcy Court for the Southern District of Texas will oversee the Chapter 11 cases. Image courtesy of Saks Fifth Avenue/Getty Images
Effective immediately, Darcy Penick will begin work as president and chief commercial officer of Saks Global, while Lana Todorovich will step in as chief of global brand partnerships.
Saks Global’s new CEO, Mr. van Raemdonck, will guide the team through Chapter 11 proceedings, replacing Richard Baker, who assumed the position earlier this month following the departure of longtime Saks leader Marc Metrick (see story). Mr. Baker is also stepping down from his role as executive chairman.
“Geoffroy has a proven track record driving transformative growth at Neiman Marcus Group and other brands, building trusted relationships within these organizations and throughout the industry,” said Paul Aronzon, member of the board of directors at Saks Global, in a statement.
“His leadership will help advance the Company's focus on stability and long-term value creation,” Mr. Aronzon said. “We also want to thank Richard, who was a visionary leader during his tenure at Saks Global.
“We are grateful for his contributions and wish him continued success in the future.”