NEW YORK — Luxury retailer Saks Global Holdings said it has secured about $1.75 billion in new financing and appointed Geoffroy van Raemdonck as chief executive officer, effective immediately, as the company begins a court-supervised restructuring.
The funding includes $1.5 billion from an ad hoc group of senior secured bondholders and roughly $240 million in additional liquidity from asset-based lenders. The financing is intended to strengthen Saks Global’s balance sheet and support long-term stability. The company has also filed voluntary Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas to advance its transformation, while keeping all stores and e-commerce platforms operating across Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow.
Van Raemdonck, formerly CEO of Neiman Marcus Group prior to its acquisition by Saks Global in 2024, replaces Richard Baker, who stepped down as executive chairman and CEO on January 13. He will work alongside chief financial officer Brandy Richardson. As part of the leadership refresh, Darcy Penick was named president and chief commercial officer, and Lana Todorovich was appointed chief of global brand partnerships.
Saks Global said it will review its operational footprint during the restructuring to concentrate investment in areas with the strongest long-term growth potential. The company is seeking court approval for standard first-day motions to continue customer programs, pay vendors, and maintain employee wages and benefits.
Subject to court approval, $1 billion in debtor-in-possession financing from the bondholder group will support operations during the restructuring, with an additional $500 million expected to be available once the company exits Chapter 11 later this year.
Saks Global said it remains focused on preserving brand strength, customer relationships and service standards as it works through the process.
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