At a Glance
- Saks Global filed for Chapter 11 bankruptcy protection in the Southern District of Texas
- The company secured a $1.75 billion stakeholder commitment to fund operations
- Neiman Marcus flagship in Downtown Dallas will stay open through the process
- Former Neiman Marcus CEO Geoffroy van Raemdonck replaces Richard Baker effective immediately
- Why it matters: Shoppers can still visit all Saks, Neiman Marcus, Bergdorf Goodman, and outlet locations while the luxury retailer restructures
Luxury powerhouse Saks Global has officially entered Chapter 11 bankruptcy, but the company insists every storefront under its umbrella will keep serving customers. The filing, submitted late Tuesday in the U.S. Bankruptcy Court for the Southern District of Texas, arrives barely a year after Saks Global absorbed Neiman Marcus and its iconic Downtown Dallas flagship.
The $1.75 Billion Lifeline
In a statement released after markets closed, the New York-based retailer called the move a “transformative financial transaction.” Key stakeholders have pledged $1.75 billion to keep shelves stocked, vendors paid, and employees on the payroll.
- Vendors will continue to be paid on schedule
- Employee payroll and benefits remain intact
- All store banners will operate normally during restructuring
The cash injection is designed to give Saks Global breathing room while it works through lease negotiations, debt adjustments, and a broader turnaround plan that has been in motion since the Neiman Marcus acquisition closed in 2024.
Leadership Shake-Up at the Top
Hours after the court filing, the company announced another major shift. Former Neiman Marcus Group CEO Geoffroy van Raemdonck is back in charge, replacing Richard Baker, who had only taken the top job in early January.
Van Raemdonck’s return signals a back-to-basics approach. He previously guided Neiman Marcus through pandemic-era store closures, supply-chain snarls, and a prior bankruptcy exit. His immediate task: stabilize a portfolio that now stretches from Fifth Avenue to NorthPark Center and includes:
- Saks Fifth Avenue flagships and smaller market stores
- Neiman Marcus full-line and specialty locations
- Bergdorf Goodman in Manhattan
- Saks OFF 5TH outlet chain
- Last Call clearance centers
- Horchow online and catalog business
Downtown Dallas Flagship Dodges Closure
Neiman Marcus has anchored the corner of Main and Ervay since 1914. When Saks Global first hinted at shuttering the location in January 2025, City Hall stepped in. A last-minute agreement with landlord First United Bank kept the historic art-deco building open.
The store will now remain part of the restructured chain. City officials regard the flagship as an economic engine for the surrounding Arts District and a tourism draw that hosts holiday window unveilings, designer trunk shows, and charity galas.
Store employees learned of the bankruptcy through an internal memo that stressed:
- No layoffs are planned at the flagship
- Inventory deliveries will continue
- Gift cards and loyalty points remain valid
- The downtown location’s renovation timeline stays on track
Willow Bend Store Set to Close in 2027
While the Downtown Dallas flagship is safe, the same cannot be said for Neiman Marcus at Willow Bend in Plano. Saks Global confirmed it will close that location in 2027 when its lease expires.
The 150,000-square-foot store opened in 2001 as part of the upscale mall’s original tenant mix. Over the past decade, foot traffic has declined as shoppers migrate to NorthPark Center or online. Liquidation sales will begin in late 2026.
What Happens Next in Court
Chapter 11 gives Saks Global the legal tools to:
- Reject or renegotiate expensive leases
- Extend payment terms with suppliers
- Secure debtor-in-possession financing
- Sell underperforming assets under court supervision
A hearing scheduled for next week will determine the timeline for the reorganization plan. The company has stated it hopes to exit bankruptcy within six months, backed by the fresh $1.75 billion commitment.
Suppliers, landlords, and bondholders will vote on the final plan. If approved, Saks Global expects to emerge with a leaner store footprint, reduced debt load, and a capital structure that supports both brick-and-mortar luxury experiences and growing e-commerce sales.
Key Takeaways
- Shoppers can continue visiting all Saks Global banners; no closures are planned beyond the already-announced Willow Bend location
- The bankruptcy is framed as a financial restructuring, not a liquidation
- Leadership is reverting to a CEO who previously steered Neiman Marcus through earlier turbulence
- The Downtown Dallas flagship, a century-old institution, remains open and staffed
- Court proceedings are expected to wrap up by late 2025, positioning the company for a fresh start under the same ownership group
