
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.









