Saks Global files for bankruptcy, shakes up leadership after a year of struggles
Retail Dive • • business
Key Points:
- Saks Global filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas following financial struggles after a $2.7 billion merger with Neiman Marcus Group.
- Geoffroy van Raemdonck, former Neiman Marcus Group CEO, was appointed CEO of Saks Global, replacing Executive Chairman Richard Baker who had just recently taken over the role.
- The company secured a $1.75 billion financing package to support its bankruptcy process, including $1.5 billion from senior secured bondholders and $240 million from asset-based lenders.
- Van Raemdonck has initiated leadership changes, bringing in executives from Neiman Marcus, and aims to rebuild vendor relationships that have been strained due to delayed payments and supply issues
