Saks Global files for bankruptcy protection amid luxury market strains
CNN • • general
Key Points:
- Saks Global, parent company of Saks Fifth Avenue, filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the Southern District of Texas, marking the first major retailer bankruptcy of 2026.
- The company struggled with heavy debt following its 2024 acquisition of Neiman Marcus and faced challenges from shifting consumer habits and an uncertain economy impacting luxury retail.
- Leadership changes occurred recently, with Richard Baker stepping down as CEO and former Neiman Marcus chief Geoffroy van Raemdonck appointed to lead Saks Global through bankruptcy proceedings.
- Saks Global secured $1 billion in debtor-in-possession financing to support operations during restructuring, with an additional $500 million committed by bondholders upon emergence from bankruptcy.
- The company aims
