Saks Global has filed for reorganization under Chapter 11 due to large debts. Geoffroy van Raemdonck becomes the new CEO, replacing Richard Baker.

Saks Global, the renowned luxury department store chain, has sought protection under U.S. bankruptcy law through a Chapter 11 reorganization filing due to an unsustainable level of debt. Geoffroy van Raemdonck, the former CEO of Neiman Marcus, is taking over the company, replacing Richard Baker. Van Raemdonck comes with a new executive team, most of whom are from Neiman Marcus. Saks recently secured $1.75 billion in financing to support operations during the reorganization, but bankruptcy was anticipated after the company missed an interest payment. The company is reassessing its operational footprint, suggesting possible reductions in its store network. Financial troubles worsened after the acquisition of Neiman Marcus in 2024, and debts began to trade below par, amplifying concerns about its ability to meet financial obligations.