US EditionSaks Global files for bankruptcy after Neiman Marcus acquisition
Saks Global seeks Chapter 11 protection to restructure $2.7 billion debt from Neiman Marcus acquisition while keeping stores open and changing leadership.
- Geoffroy van Raemdonck replaced Richard Baker as CEO during the bankruptcy proceedings, which aim to restructure debts and avoid liquidation.
- Saks Global reported assets and liabilities between $1 billion and $10 billion, facing uncertainties with significant unsecured creditors including Kering and LVMH.
- As part of the restructuring, Saks Global secured $1 billion in debtor-in-possession financing to support ongoing operations and initiatives.
188 Articles
188 Articles
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…
Cash-strapped luxury retailer Saks Global files for bankruptcy protection
Saks Global, the parent company of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, is seeking a financial lifeline. The company filed for Chapter 11 bankruptcy protection late Tuesday, citing cash shortfalls and missed key payments. Saks, which had been trying to secure $1 billion in financing to keep its stores open, recently missed interest payments to bondholders. As cash tightened, Saks stopped paying some suppliers, pushing the compa…
Bankruptcy the Luxury Department Store Chain Saks Global, Which Sells Brands Like Chanel or Burberry
“Last sale by liquidation,” warns the posters of the huge store that the group of luxury department stores Saks Fifth Avenue has between 12th Street and Washington’s E, a few hundred meters from the White House. The company posted the poster announcing the discounts in early December. This Wednesday it has been known that Saks Global has taken advantage of a voluntary bankruptcy process of the United States, in one of the biggest collapses of a …
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