Saks Global, the parent company of luxury retailers Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, has filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the Southern District of Texas.
The filing follows a missed $100 million interest payment in December 2025 and comes amid $3.4 billion in funded debt, much of it tied to the $2.7 billion acquisition of Neiman Marcus in late 2024.
Saks Global, which operates roughly 70 stores totaling 8.4 million square feet of retail space, estimates its assets and liabilities fall between $1 billion and $10 billion.
The company said its stores and e-commerce operations for Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, and other brands will remain open during the restructuring process.
To support ongoing operations, Saks Global secured $1.75 billion in debtor-in-possession financing from senior secured bondholders and lenders.
The financing includes an immediate $1 billion cash injection, with the potential for an additional $500 million following restructuring. Unsecured creditors include major luxury groups such as Kering ($136 million) and LVMH ($26 million), among 10,000 to 25,000 total claims.
As part of the restructuring, Geoffroy van Raemdonck, former CEO of Neiman Marcus, was appointed CEO of Saks Global effective immediately. Richard Baker, who had recently assumed the CEO role, will remain as executive chairman. The leadership change is aimed at guiding the company through debt restructuring and positioning it for future growth in the luxury retail sector.
The bankruptcy filing marks one of the largest US retail collapses since the pandemic. It comes less than a year after the acquisition of Neiman Marcus, which created a combined luxury retail group but failed to generate sufficient efficiencies to offset the company’s debt.