Saks Global Secures $1.75 Billion of Committed Capital and Announces Return of Industry Veterans to Advance Transformation of Iconic Luxury Portfolio

Stores and ecommerce experiences across Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman,
Saks OFF 5TH, Last Call and Horchow are open and serving customers

Company commences voluntary chapter 11 process with support from key financial stakeholders

Former Neiman Marcus Group CEO Geoffroy van Raemdonck named Saks Global's CEO, joining CFO
Brandy Richardson and the Company's leadership team

NEW YORK, Jan. 14, 2026 /PRNewswire/ -- Saks Global Holdings LLC ("Saks Global" or the "Company"), a leading luxury retail company, today announced a transformative financial transaction. The Company secured a financing commitment of approximately $1.75 billion, comprising $1.5 billion from an ad hoc group of the Company's senior secured bondholders (the "Ad Hoc Group") and approximately $240 million of incremental liquidity from the Company's asset-based lenders. This financing package will strengthen the Company's balance sheet and position it for a strong and stable future while it continues to provide customers with unparalleled multi-brand luxury shopping experiences. In addition, Saks Global announced the appointment of Geoffroy van Raemdonck as Chief Executive Officer, effective immediately.

With support from its key financial stakeholders, Saks Global has commenced voluntary chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas (the "Court") to facilitate its ongoing transformation. Importantly, stores and ecommerce experiences across Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow are open to provide customers with exceptional products, elevated luxury experiences and highly personalized service.

Leadership Transition
Van Raemdonck, who previously served as CEO of Neiman Marcus Group prior to its acquisition by Saks Global in 2024, succeeds Richard Baker, who stepped down from his role as Executive Chairman and CEO of Saks Global, effective January 13. Van Raemdonck joins Saks Global's Chief Financial Officer Brandy Richardson, who served as CFO alongside him at Neiman Marcus Group.

Van Raemdonck is expanding Saks Global's senior leadership team, appointing industry veterans and former Neiman Marcus Group leaders to join the Company on this journey. Darcy Penick has been named President, Chief Commercial Officer, Saks Global, overseeing Stores, Marketing, Buying, Digital, Analytics and Customer Care. Lana Todorovich has been named Chief of Global Brand Partnerships, Saks Global, leading the luxury retailer's efforts with brand partners at an enterprise level.

"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."

Van Raemdonck is an accomplished luxury retail veteran who brings deep relationships and decades of experience leading global consumer brands and retail organizations through complex transformations. Throughout his career, he has served in key leadership roles at iconic brands including Louis Vuitton and Ralph Lauren.

"Geoffroy has a proven track record driving transformative growth at Neiman Marcus Group and other brands, building trusted relationships within these organizations and throughout the industry. His leadership will help advance the Company's focus on stability and long-term value creation," said Paul Aronzon, Member of Saks Global's Board of Directors. "We also want to thank Richard, who was a visionary leader during his tenure at Saks Global. We are grateful for his contributions and wish him continued success in the future."

Path Forward
As part of the chapter 11 process, the Company is evaluating its operational footprint to invest resources where it has the greatest long-term potential. This approach reflects an effort to focus the business in areas where the Company's luxury retail brands are best positioned for sustainable growth.

Saks Global is seeking relief through a number of customary "first day" motions with the Court to facilitate a smooth transition into chapter 11 and operate in the ordinary course. These motions, which Saks Global expects to be approved in short order, include requests to honor all customer programs, make go-forward payments to vendors, and continue employee payroll and benefits.

Upon court approval, the $1 billion of debtor-in-possession financing from the Ad Hoc Group will provide ample liquidity to fund Saks Global's operations and turnaround initiatives. The Ad Hoc Group has also committed $500 million of financing to be available to the Company upon emergence, which is expected later this year.

Throughout this process, Saks Global will remain focused on what has always defined the company: exceptional brands, trusted relationships and an unwavering commitment to its loyal customers.

Additional information regarding the chapter 11 process is available at https://cases.stretto.com/Saks. Vendors with questions can contact the Company's claims agent, Stretto, by calling (833) 232-5246 (U.S. / Canada) or +1 (949) 373-7589 (International) or emailing [email protected].

Advisors
Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as investment banker, Berkeley Research Group is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company.

Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Frères & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst CNC is serving as strategic communications advisor to the Ad Hoc Group. 

About Saks Global
Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail.

Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets.

For more information, visit SaksGlobal.com and follow Saks Global on LinkedIn.

SOURCE Saks Global