Saks Global, the luxury retail powerhouse behind Saks Fifth Avenue and Neiman Marcus, has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas, according to a late-Tuesday statement provided to News Of Fort Worth.
The company framed the move as a “transformative financial transaction,” backed by a $1.75 billion commitment from major stakeholders. Executives say the cash infusion will fund daily operations and a turnaround plan while stores stay open, vendors get paid, and employees continue to receive wages and benefits.
At a Glance
- Saks Global filed for Chapter 11 late Tuesday in Texas federal court
- Stakeholders have pledged $1.75 billion to keep the business running
- All banners-including Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH-will keep doors open
- Why it matters: The bankruptcy shields the company from creditors while it restructures, but shoppers should still find shelves stocked and staff on-site
Leadership Shake-Up
Hours after the petition hit the docket, the company announced that Geoffroy van Raemdonck, former Neiman Marcus Group CEO, is taking the helm effective immediately. He replaces Richard Baker, who had accepted the top job only in early January.
The change at the top underscores the urgency of the restructuring effort as the retailer works to steady its balance sheet and reassure landlords, suppliers, and employees.
Store Closures Confirmed
While the flagship Neiman Marcus on Main Street in Downtown Dallas-a fixture for more than a century-has been spared, the company confirmed it will close its Neiman Marcus location at Willow Bend in Plano in 2027.
City leaders had scrambled to keep the downtown flagship operating after Saks Global signaled in early 2025 that landlord disputes might shutter the historic store. Negotiations produced a deal that preserves the downtown landmark for now.
Timeline of Key Events
| Date | Event |
|---|---|
| 2024 | Saks Global acquires Neiman Marcus Group, adding financial pressure |
| Early Jan. 2025 | Richard Baker named CEO |
| Jan. 2025 | Company threatens to close Downtown Dallas flagship |
| Feb. 25, 2025 | Saks Global files Chapter 11 in Texas; van Raemdonck named CEO |
| 2027 | Willow Bend store scheduled to close |
What Happens Next
The Chapter 11 process gives Saks Global breathing room to renegotiate leases, shed underperforming assets, and streamline operations. The $1.75 billion debtor-in-possession financing should keep cash registers ringing during the court proceedings.
Customers can still:
- Shop online and in-store across all banners
- Use gift cards and loyalty points
- Return eligible merchandise
- Expect advertised promotions to continue
Vendors and employees have been told to expect normal payment schedules, according to the company statement.
Key Takeaways
- Saks Global’s bankruptcy filing is a strategic restructuring, not a liquidation
- All core retail brands will keep operating while the company reorganizes
- Downtown Dallas’ Neiman Marcus flagship is safe, but Willow Bend will shut in two years
- Geoffroy van Raemdonck returns as CEO to steer the company through the court process
