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Bankruptcy

All articles tagged with #bankruptcy

business21 minutes ago

Debt-laden Saks bankruptcy linked to Neiman Marcus merger

Saks Global filed for Chapter 11 after its 2024 $2.7 billion takeover of Neiman Marcus created an unsustainable, debt-heavy capital structure. Liquidity dried up as debts came due, vendors grew reluctant to ship inventory, and integration issues disrupted stock, triggering missed payments and the collapse into bankruptcy. The company secured new financing and has a plan to emerge later this year under CEO Geoffroy van Raemdonck, with synergies and customer retention cited as positives but ongoing inventory and vendor confidence challenges remain.

via CNBC|
#bankruptcy#business#luxury
business2 hours ago

New bidder wins Genesis asset auction in $1.015B bid

Genesis HealthCare selected 101 West Street as the winning bidder to buy its assets in a bankruptcy auction, after five rounds of bidding produced a $1.015 billion offer that edged out Genie 3 Partners; the deal includes about $11 million in breakup fees and $8 million in termination fees to a lender, and must be approved at a January 20 hearing.

via McKnight's Long-Term Care News|
#101-west-street#auction#bankruptcy
business12 hours ago

Saks Global Enters Chapter 11 as Neiman Marcus Vet Takes the Helm

Saks Global filed for Chapter 11 bankruptcy after taking on heavy debt from the Neiman Marcus acquisition. Veteran Neiman Marcus executive Geoffroy van Raemdonck is stepping in as CEO to steer the restructuring, replacing Richard Baker. The company entered court with about $1.75 billion in debtor-in-possession financing from bondholders to keep operations running, while thousands of creditors and vendors await payment and the potential for store closures or asset sales as the luxury retailer reevaluates its business model.

via WWD|
#bankruptcy#business#chapter-11
business23 hours ago

Saks Global pivots to Chapter 11 amid debt-laden luxury retail merger

Saks Global filed for Chapter 11 bankruptcy to restructure after a leveraged merger that combined Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus left the company overextended with debt; stores remain open as it secures a $1.75 billion financing package, including a $1 billion debtor-in-possession loan and a $240 million asset-backed facility, with further access of up to $500 million after exit. Geoffroy van Raemdonck will take over as CEO, while unsecured creditors include Chanel, Kering's Gucci, and LVMH; the deal was funded by investors including Amazon and Authentic Brands, following leadership shakeups and asset sales that underscored ongoing struggles in the luxury retail sector.

via The Guardian|
#bankruptcy#business#financing
business1 day ago

Saks Global pivots to restructuring with Chapter 11 filing

Saks Global, owner of Saks Fifth Avenue, filed for Chapter 11 bankruptcy protection in the Southern District of Texas due to a heavy debt load from its 2024 acquisition of Neiman Marcus. The retailer has undergone leadership changes, with Geoffroy van Raemdonck set to lead through the bankruptcy after CEO transitions from Marc Metrick to Richard Baker. Saks Global has secured $1 billion in debtor-in-possession financing and up to $500 million more on emergence to fund operations and turnaround efforts. The filing, the first major retailer bankruptcy of 2026, comes as luxury shoppers shift toward direct-to-consumer models amid a tougher economy and cautious consumer sentiment; Saks aims to continue serving its luxury brands and customers during the restructuring.

via CNN|
#bankruptcy#business#debt
business1 day ago

Saks Takes Chapter 11 Path to Stabilize Debt Load

Saks Global Enterprises filed for Chapter 11 bankruptcy to address mounting losses and a hefty debt load, securing about $1.75 billion in financing (including $1 billion of debtor-in-possession financing and $500 million on emergence) and naming Geoffroy van Raemdonck as CEO to reevaluate its footprint; Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus stores will remain open, with the company pledging to honor customer programs and payroll during the restructuring, marking a pivotal moment after years of leveraged-finance-driven growth.

via Bloomberg.com|
#bankruptcy#business#chapter-11
business1 day ago

Saks Global Seeks Bankruptcy Shield as Luxury Department Stores Struggle

Saks Global, owner of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, filed for bankruptcy protection amid billions in debt, strained vendor relationships, and lagging sales, signaling distress for the luxury department-store sector. Geoffroy van Raemdonck will return as CEO, replacing Richard Baker, who oversaw Saks’ 2024 $2.7 billion acquisition of the Neiman Marcus Group.

via The New York Times|
#bankruptcy#business#department-stores
business1 day ago

Bondholders Urged to Fund Spirit’s Turnaround to Save South Florida Jobs

Spirit Airlines remains in Chapter 11 as frontline workers have already sacrificed about $100 million in concessions; ALPA leaders are urging major bondholders—including Citadel—to fulfill funding commitments so the restructuring can proceed and Spirit can emerge as a going concern, warning that liquidation would devastate thousands of South Florida jobs and harm the regional economy and air travel competition.

via ALPA|
#alpa#bankruptcy#bondholders