All articles tagged with #luxury retail
Under Chapter 11 restructuring, Saks Global will shutter 57 Saks OFF 5TH stores and the Last Call outlets, keep 12 Saks OFF 5TH locations open, and wind down Saksoff5th.com; 23 stores will close on Feb. 2, with 34 more set to close in the coming weeks.
Saks Global will shutter nearly 65 discount stores—roughly 60 Off 5th locations and five Last Call stores—while keeping about a dozen Off 5th outlets to liquidate residual inventory as it pivots to luxury via Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman after filing for bankruptcy. Closing sales start late January (Off 5th) and January 30 for the website; gift cards will be accepted through mid-February.
Saks Global’s Chapter 11 filing follows a debt-heavy $2.2 billion Neiman Marcus acquisition and years of vendor and inventory strain, signaling a shift from expansion to asset monetization and a return to core retail leadership under new CEO Geoffroy van Raemdonck. Analysts say the restructuring could reset the business by leveraging its real estate assets and merchandising strength, as some luxury peers grow and consumer demand for brick-and-mortar experiences persists.
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.
Saks Global filed for Chapter 11 in Texas, revealing assets and debts between $1 billion and $10 billion and more than 10,000 creditors. Christian Louboutin is listed as the 13th-largest unsecured creditor owed $21.6 million, while Capri Holdings (Jimmy Choo/Michael Kors) is owed $33.3 million; Chanel and Kering are also noted creditors. The company secured about $1.75 billion in financing to operate through restructuring and has reorganized leadership, underscoring the fragile state of luxury retail as foot traffic trends weaken and top brands and vendors loom large in the path to a recovery.
Saks Global, owner of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, filed for Chapter 11 bankruptcy protection after a cash shortage and failed financing attempts. Geoffroy van Raemdonck was named CEO, and the company secured about $1.75 billion in financing to support a possible reorganization, with potential outcomes ranging from a strategic sale to liquidation of some brands and stores as bankruptcy proceedings unfold.
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.
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.
Saks Fifth Avenue is facing imminent bankruptcy due to financial struggles following a costly acquisition of Neiman Marcus, leading to inventory shortages, delayed vendor payments, and declining customer confidence, which threaten its future viability.
Saks Global Enterprises is planning to file for Chapter 11 bankruptcy as soon as Sunday due to severe cash flow issues, despite advanced negotiations for a $1.25 billion debtor-in-possession financing package to keep the business operational during bankruptcy proceedings.
Saks Fifth Avenue's parent company, Saks Global, faces imminent bankruptcy after a tumultuous year marked by missed payments, high debt, and operational struggles, risking its future in the luxury retail market and impacting vendors and brand partnerships.
Saks Global's CEO, Marc Metrick, has stepped down amid reports that the luxury retailer is preparing for bankruptcy, following challenges in the luxury department store sector and a failed merger with Neiman Marcus, with Richard Baker appointed as the new CEO.
Saks Global's CEO Marc Metrick has resigned amid reports of impending bankruptcy, with Richard Baker appointed as his successor, as the luxury retailer faces financial struggles following a merger with Neiman Marcus and shifting consumer preferences in the luxury market.
Saks Global Enterprises, owner of Saks Fifth Avenue and Neiman Marcus, announced the immediate resignation of CEO Marc Metrick amid financial struggles stemming from a $2.65 billion debt from acquiring Neiman Marcus and increased sector competition, with Richard Baker stepping in as interim CEO.
Saks Global, the parent company of Saks Fifth Avenue, is preparing to file for bankruptcy amid financial struggles following a missed debt payment related to its acquisition of Neiman Marcus. The company has appointed Richard Baker as its new CEO and continues efforts to stabilize its finances through asset sales and debt restructuring.