Saks Global has filed for Chapter 11 bankruptcy protection and appointed Geoffroy van Raemdonck as its new CEO, succeeding Richard Baker, who stepped down after less than two weeks into the role.
As part of the Chapter 11 process, Saks Global has secured a financing commitment of approximately $1.75 billion, including $1.5 billion from an ad hoc group of senior secured bondholders and about $240 million in incremental liquidity from asset-based lenders.
Stores and e-commerce sites across Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks Off 5th, Last Call and Horchow remain open and operating.
However, the company noted it is “evaluating its operational footprint to invest resources where it has the greatest long-term potential”.
Van Raemdonck was the CEO of Neiman Marcus Group prior to its acquisition by Saks Global in 2024. He brings decades of experience leading global consumer brands and retail organizations through complex transformations.
Previously, Van Raemdonck held key leadership roles at iconic brands including Louis Vuitton and Ralph Lauren.
The appointment took effect immediately after Baker stepped down as executive chairman and CEO on Tuesday. Baker took the helm on January 2, amid reports that the company was preparing for bankruptcy after it failed to make an interest payment of more than $100 million.
Following his appointment, van Raemdonck has expanded Saks Global’s senior leadership team by appointing industry veterans and former Neiman Marcus Group leaders to key roles.
Darcy Penick was named president, chief commercial officer, overseeing stores, marketing, buying, digital and customer care. Lana Todorovich was appointed chief of global brand partnerships, leading brand partners at an enterprise level.
Saks Global was created in 2024 after Saks Fifth Avenue’s parent company, Hudson’s Bay, acquired Neiman Marcus for $2.65 billion. The deal was backed by investors, including Amazon, Authentic Brands Group, and Salesforce and aimed to strengthen the company’s ability to compete with department store rivals such as Nordstrom, Bloomingdale’s, and Macy’s.
