US EditionSaks Global files for bankruptcy after Neiman Marcus acquisition
Saks Global secured $1.75 billion in financing and appointed Geoffroy van Raemdonck as CEO amid restructuring to address heavy debt from its 2024 Neiman Marcus acquisition.
- On Jan. 14, 2026, Saks Global, parent company of Saks Fifth Avenue, filed for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas with stakeholder support.
- After a $2.65 billion acquisition in 2024, Saks Global took on heavy debt buying Neiman Marcus, saddling the company with financial strain as luxury sales slowed.
- The company secured a $1.75 billion financing package, including $1.5 billion from an Ad Hoc Group of senior secured bondholders and about $240 million from asset-based lenders.
- Stores across the group's brands will remain open, while Saks Global estimates between 10,001 and 25,000 creditors, risking delayed payments to small and independent brands.
- This filing is the first major retailer bankruptcy of 2026, with Geoffroy van Raemdonck leading Saks Global through Chapter 11 after Richard Baker stepped down January 13, while bonds trade steeply discounted.
212 Articles
212 Articles
Luxury retailer files for bankruptcy 13 months after buying competitor for $2.7 billion
For once, Saks Global is on the other side of the counter when dealing with a case of buyer’s remorse. On Wednesday, the luxury retailer filed for Chapter 11 bankruptcy thanks to ongoing financial struggles following the 2024 purchase of competitor Neiman Marcus.
Saks Global files for Chapter 11 bankruptcy
(CBS, KYMA) - Saks Global filed for bankruptcy protection late Tuesday, according to court documents entered in U.S. Bankruptcy Court in Houston, throwing the future of the roughly century-old high-end department store chain into doubt. Saks Global is the parent company of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman. Saks also said it had secured a $1.75 billion financing package and that it would keep its stores open as the bankruptcy…
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