Saks Global files for bankruptcy after takeover leads to financial collapse

Saks Global filed for bankruptcy protection, marking a major retail collapse less than a year after acquiring Saks Fifth Avenue, Bergdorf Goodman, and Neiman Marcus. The luxury retailer reported assets and liabilities between $1 billion and $10 billion in bankruptcy court documents.

While financial uncertainty looms, Saks announced it would keep its stores open temporarily after securing a $1.75 billion financing package and appointing a new CEO, Geoffroy van Raemdonck.

The bankruptcy process aims to restructure debt or attract a buyer to avoid liquidation. The company faces competition from online retailers and changes in consumer behavior post-pandemic. Major luxury brands, including Kering and LVMH, are among its unsecured creditors.