Parent of Saks & Neiman Marcus Files Chapter 11

In Houston, Saks Global Holdings, the parent company of Neiman Marcus, Saks Fifth Avenue and other luxury retail brands, filed for Chapter 11 late Tuesday at the U.S. Bankruptcy Court in downtown Houston.

Saks Global Holdings, which has 17,000 employees, said its stores and online operations will remain open in all of its stores, including Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow.

After acquiring Neiman Marcus in July 2024, the company struggled to deal with debt while sales of luxury items were slowing.

See Special Ev Konut Proje’s Feature on the History of Neiman Marcus (c)

The History of Luxury, Neiman Marcus and Carrie Marcus Neiman

The filings at the bankruptcy court in Houston indicate that the Chanel perfume company, which is owed $136 million, and the owner of Gucci which is owned $60 million, are unsecured creditors.

Saks Global will forge ahead with the help of $1.75 billion, including funding from by Pentwater Capital Management of Naples, Fla., and Bracebridge Capital of Boston.

Saks Global also reported the appointment of Geoffroy van Raemdonck as Chief Executive Officer, effective immediately. In addition, Darcy Penick and Lana Todorovich were named to top posts in the organization.

“This 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,” said van Raemdonck. “In 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.”

Earlier in his career, Van Raemdonck was an executive with at iconic brands including Louis Vuitton and Ralph Lauren.

Neiman Marcus was founded in Dallas in 1907.