Saks Files for Bankruptcy as Department Stores Fight for Survival
The New York Times • • business
Key Points:
- Saks Global, owner of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, filed for bankruptcy protection due to billions in debt, strained vendor relationships, and declining sales.
- The filing highlights the challenges facing luxury department stores, which are increasingly becoming endangered in the retail landscape.
- Geoffroy van Raemdonck, former Neiman Marcus CEO, returns as Saks Global’s CEO, succeeding Richard Baker who led the $2.7 billion acquisition of Neiman Marcus Group in 2024.
- Saks secured approximately $1.75 billion in financing from bondholders to support the company through bankruptcy, aiming to emerge later this year while maintaining customer programs, vendor payments, and employee salaries.
- The company has appointed
