#USA #New York #luxury retail #Saks Global #Geoffroy van Raemdonck

Saks Global Secures Major Financing for Luxury Transformation

Saks Global Holdings LLC, recognized as a leading player in the luxury retail market, has recently announced a significant financial boost to support its ongoing transformation efforts. The company has secured a committed capital of approximately $1.75 billion from various stakeholders, comprising $1.5 billion from a group of senior secured bondholders and about $240 million in additional liquidity via asset-based lenders. This strategic move aims to strengthen the company's balance sheet and provide resources to further enhance luxury shopping experiences across its various platforms.

In conjunction with this financing, Saks Global has taken a pivotal step by appointing Geoffroy van Raemdonck as the new CEO, a role he will assume immediately. Van Raemdonck brings a wealth of experience from his previous tenure as CEO of the Neiman Marcus Group, contributing his insights and leadership skills to guide Saks Global through this transformative phase. He replaces Richard Baker, who resigned from his position on January 13, 2026.

New Leadership and Vision

As part of the leadership transition, Van Raemdonck is expanding the executive team by bringing in other industry veterans from his previous leadership at Neiman Marcus Group. Darcy Penick has been appointed as President and Chief Commercial Officer, overseeing multiple divisions such as Stores, Marketing, Digital, and Customer Care. Furthermore, Lana Todorovich will take on the role of Chief of Global Brand Partnerships, directing the company's ventures with brand partners.

Van Raemdonck emphasizes the importance of this moment, noting, "This is a defining moment for Saks Global. The path ahead presents a significant opportunity to fortify our business foundation and prepare for future growth." With the support of his new executive team, he aims to streamline operations while retaining a focus on superior customer service and luxury brand partnerships, crucial for maintaining Saks Global's reputation in the upscale retail sector.

Navigating Chapter 11 Process

To facilitate its restructuring, Saks Global has initiated a voluntary Chapter 11 filing in the U.S. Bankruptcy Court for the Southern District of Texas. This decision comes after careful consideration and aims to realign the company's operational strategies for long-term viability. During this time, all Saks brand platforms, including Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, will remain open, ensuring that customers continue to experience exceptional service and product offerings.

Part of the Chapter 11 process also includes evaluating the company's operational footprint to optimize resource allocation. Key 'first-day' motions have been filed to ensure continued customer programs, vendor payments, and employee benefits are upheld throughout the transition.

Upon court approval, a notable portion of the debtor-in-possession financing, amounting to $1 billion from the Ad Hoc Group, will facilitate operational support and underpin essential turnaround initiatives. Furthermore, a subsequent allocation of $500 million will be available once the company emerges from this phase, reinforcing its commitment to stability and growth.

A Forward-Thinking Luxury Retail Strategy

Saks Global's reimagined structure aims to enhance its portfolio, which includes 70 full-line luxury locations and distinctive online platforms, reinforcing its status as the world's largest multi-brand luxury retailer. The company, with a strategic focus on personalized experiences for customers through advanced luxury consumer data technology, seeks to redefine the luxury shopping experience in a rapidly shifting retail landscape.

Speakers from the Board of Directors have expressed confidence in Van Raemdonck's leadership, citing his successful track record in navigating complex transformations within renowned luxury brands. As Saks Global progresses through this transition, it aims not only to uphold its traditional values but also to embrace innovative approaches to luxury retail, ensuring sustainability and growth for years to come.

As Saks Global embarks on this journey, customers and stakeholders alike can expect a renewed dedication to service excellence, operational efficiency, and forward-thinking luxury experiences, setting the stage for 21st-century retail leadership.