Summary
Saks Global, which owns Saks Fifth Avenue, has filed for bankruptcy protection in Texas. The company faced financial challenges due to debt from acquiring Neiman Marcus and changing shopping habits, but stores will keep running thanks to new financing.
Key Facts
- Saks Global filed for bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas.
- The company cited debt from buying Neiman Marcus in 2024 and slow sales as reasons for the bankruptcy.
- Saks Global got a $1.8 billion financing package to continue operations.
- Stores will remain open despite the bankruptcy process.
- Geoffroy Van Raemdonck is the new CEO, replacing Richard Baker.
- The change in leadership is aimed at strengthening the company.
