Louboutin Owed $21.6 Million, More
WWD • • business
Key Points:
- Saks Global, parent company of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, filed for Chapter 11 bankruptcy and secured $1.75 billion in financing to continue operations during the process.
- Major footwear and luxury brands, including Christian Louboutin, Capri Holdings (owner of Jimmy Choo and Michael Kors), Chanel, and Kering, are among the largest unsecured creditors, collectively owed hundreds of millions of dollars.
- Richard Baker resigned as CEO shortly after the bankruptcy filing, with Geoffroy van Raemdonck, former Neiman Marcus CEO, appointed as the new CEO to lead the restructuring alongside key luxury executives.
- Saks Global employs over 16,800 people and emphasized the critical importance of maintaining relationships with
