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Saks Global Seeks Bankruptcy Protection After Neiman Marcus Merger Fallout. Saks Global has filed for bankruptcy protection, marking one of the biggest retail collapses since the pandemic, just a year after consolidating several iconic luxury chains. The deal brought Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus under one umbrella, but left the group heavily burdened by debt. Despite the filing, Saks Global said stores will remain open for now after securing a $1.75 billion financing package to support operations during restructuring. Leadership changes were announced alongside the bankruptcy, with former Neiman Marcus CEO Geoffroy van Raemdonck set to replace Richard Baker as chief executive. Court documents show Saks Global estimates its assets and liabilities at between $1 billion and $10 billion, as it seeks time to renegotiate debt or find a new owner. The company’s struggles reflect broader pressures on luxury department stores, including rising online competition and brands increasingly selling directly through their own boutiques. Major luxury houses are among the unsecured creditors, including Chanel, Kering and LVMH, with total creditors numbering in the tens of thousands. If restructuring efforts fail, Saks Global could be forced to close stores, raising fresh uncertainty about the future of traditional luxury department stores in the U.S.
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