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[Update as of January 15, 2026]<\/em> A judge has approved Saks Global<\/strong>\u2018s request for $400 million<\/strong> in rescue financing to keep operations afloat as it moves forward with its bankruptcy and restructuring, but one notable company is challenging the whole plan \u2014 Amazon<\/strong>.<\/p>\n The online retailer became a minority stakeholder in Saks Global in 2024 as part of an agreement that helped facilitate Saks\u2019 acquisition of Neiman Marcus, according to Bloomberg<\/em>. Part of the deal was that Saks would begin selling on Amazon (which it did in April 2025), giving Amazon a referral fee on all sales and guaranteeing at least $900 million<\/strong> in payments to Amazon over eight<\/strong> years. <\/p>\n However, Amazon said in a court filing on Wednesday that Saks Global\u2019s proposed restructuring plan will make its equity investment in the business \u201cpresumptively worthless,\u201d because it would saddle Saks with billions <\/strong>of new debt obligations that would harm Amazon and other unsecured creditors of Saks.<\/p>\n Original story from January 14, 2026 begins-<\/em><\/p>\n A little over one<\/strong> year after it completed its acquisition of Neiman Marcus, luxury conglomerate Saks Global <\/strong>has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of\u00a0Texas,\u00a0and has appointed former Neiman Marcus Group CEO\u00a0Geoffroy van Raemdonck\u00a0as CEO.<\/p>\n While the bankruptcy has been expected, the CEO switch-up is an abrupt about-face \u2014 just a week and a half ago, Executive Chairman Richard Baker was named as the replacement for long-time Saks Global CEO Marc Metrick. However, as of Jan. 13, Baker has stepped down from his roles as CEO and Executive Chairman.<\/p>\n In conjunction with its bankruptcy filing, Saks Global \u2014 which in addition to Neiman Marcus also owns the Saks Fifth Avenue<\/strong>, Bergdorf Goodman<\/strong>, Saks Off 5TH<\/strong>, Last Call<\/strong> and Horchow<\/strong> brands \u2014 secured a financing commitment of approximately\u00a0$1.75 billion<\/strong>, including $1.5 billion<\/strong>\u00a0from an ad hoc group of its senior secured bondholders and approximately\u00a0$240 million<\/strong>\u00a0of incremental liquidity from its asset-based lenders. The ad hoc group also has committed to\u00a0$500 million<\/strong>\u00a0of additional financing when Saks emerges from bankruptcy, which the company said it expects to happen later this year.<\/p>\n Saks is framing the move as a \u201ctransformative financial transaction\u201d that will strengthen the company\u2019s balance sheet and position it for a more stable future. All stores and websites across the company\u2019s portfolio will remain open throughout the process.<\/strong><\/p>\n Saks Global currently operates 70<\/strong> full-line luxury locations as well as a number of off-price locations and ecommerce platforms for each of its banners. As part of the Chapter 11 process, the company said it will evaluate this operational footprint <\/strong>to ensure it is investing resources where there is \u201cthe greatest long-term potential.\u201d<\/p>\n That process will be led byVan Raemdonck \u2014 who previously served as CEO of Neiman Marcus Group prior to its acquisition by Saks Global, as well as in previous roles at Louis Vuitton<\/strong>\u00a0and\u00a0Ralph Lauren<\/strong> \u2014 alongside current CFOBrandy Richardson, who served as CFO with him at Neiman Marcus Group.<\/p>\n \u201cGeoffroy has a proven track record driving transformative growth at Neiman Marcus Group and other brands, building trusted relationships within these organizations and throughout the industry,\u201d said\u00a0Paul Aronzon, a member of Saks Global\u2019s Board of Directors, in a statement. \u201cHis leadership will help advance the company\u2019s focus on stability and long-term value creation. We also want to thank Richard, who was a visionary leader during his tenure at Saks Global. We are grateful for his contributions and wish him continued success in the future.\u201d<\/p>\n Van Raemdonck\u00a0has moved quickly to expand his senior leadership team with a series of appointments, including:<\/p>\n \u201cThis is a defining moment for Saks Global, and the path ahead presents a meaningful opportunity to strengthen the foundation of our business and position it for the future,\u201d said van Raemdonck in a statement. \u201cIn close partnership with these newly appointed leaders and our colleagues across the organization, we will navigate this process together with a continued focus on serving our customers and luxury brands. I look forward to serving as CEO and continuing to transform the company so that Saks Global continues to play a central role in shaping the future of luxury retail.\u201d<\/p>\n Saks Global is seeking relief through a number of customary \u201cfirst day\u201d motions with the court to facilitate a smooth transition into Chapter 11 and the continuation of operations. These motions include requests to honor all customer programs, make go-forward payments to vendors and continue employee payroll and benefits.<\/p>\n Upon court approval, the\u00a0$1 billion<\/strong>\u00a0of debtor-in-possession financing from the ad hoc group will provide the liquidity Saks needs to fund its operations and turnaround initiatives.<\/p>\n Saks has been showing signs of financial strain for nearly a year. Rumors of a bankruptcy filing first surfaced when, late last year, Saks missed an interest payment on the debt it took on to buy the\u00a0Neiman Marcus\u00a0Group.<\/p>\n In fact, since that\u00a0$2.7 billion<\/strong>\u00a0acquisition, Saks has struggled to pay vendors, according to the\u00a0Wall Street Journal<\/em>, resulting in weaker merchandise offerings and sales.\u00a0In\u00a0July 2025\u00a0Saks received\u00a0$600 million<\/strong>\u00a0in financing from a majority of its existing bondholders as part of a debt restructuring, a move that prompted S&P Global Ratings\u00a0to downgrade the retailer\u2019s rating, which said that \u201cthe planned exchange of its notes at a discount to par\u201d was \u201ctantamount to a default.\u201d<\/p>\n<\/p><\/div>\nSaks Global Files for Bankruptcy, Names Former Neiman Marcus Chief as CEO<\/strong><\/h2>\n
A \u2018Transformative Financial Transaction\u2019 for Saks<\/strong><\/h2>\n
Van Raemdonck: \u2018This is a Defining Moment\u2019<\/strong><\/h2>\n
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The Writing has Been on the Wall for a While<\/strong><\/h2>\n