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Saks Global

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business4 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
business7 hours ago

Saks Global enters Chapter 11 as new CEO reshapes leadership and lines up financing

Saks Global filed for Chapter 11 in the Southern District of Texas after a year of financial struggles tied to its merger; former Neiman Marcus CEO Geoffroy van Raemdonck has taken over as CEO and is spearheading a leadership overhaul, while the company secures a $1.75 billion financing package to support restructuring. Stores remain open, but the company plans to reject several leases and vendors face strained relationships, signaling a multi-year turnaround ahead.

via Retail Dive|
#business#chapter-11#financing-package
business15 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
business18 hours ago

Saks Global files for Chapter 11 protection amid cash squeeze

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.

via CNBC|
#business#chapter-11#dip-loan