Saks Global filed for Chapter 11 bankruptcy protection following an extended period of liquidity stress at the luxury department store operator. The New York-headquartered company – which controls Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman – sought court protection, weighed down by debt from its 2024 acquisition of Neiman Marcus and amid growing difficulty paying vendors and bondholders. While the filing had been widely expected, it formalizes a reckoning for a business that once pitched scale and consolidation as its path to stability.
Against the background of Saks Global’s filing, here is a running timeline tracking key developments in the bankruptcy as they unfold, including court filings, financing updates, leadership developments, and any changes to the company’s store fleet or brand relationships. With debtor-in-possession funding in place to support operations for now, the process will determine whether Saks Global can restructure its balance sheet and operations or whether deeper cuts lie ahead for one of luxury retail’s most prominent players …
Mar. 16, 2026
Saks Global secured access to the final $300 million tranche of its $1.75 billion committed capital package after an ad hoc group of senior secured bondholders approved the company’s five-year business plan, providing additional liquidity as the retailer advances its Chapter 11 restructuring. The funding completes the company’s pre-emergence financing and is intended to support ongoing operations and the transformation of the combined Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman businesses.
The company said the plan centers on stabilizing vendor relationships, accelerating inventory flow, and concentrating its store footprint around high-performing locations in luxury-heavy markets. Nearly 600 brands have resumed shipping, releasing about $1.4 billion in retail receipts, with merchandise receipts in early March running roughly 60 percent higher year-over-year. Saks is also narrowing its off-price business to 12 remaining locations and consolidating logistics operations around three distribution hubs in Texas, Pennsylvania, and California.
Saks said it expects to file its formal plan of reorganization with the U.S. Bankruptcy Court for the Southern District of Texas in the coming weeks, as it targets emergence from bankruptcy later this year.
Mar. 6, 2026
Saks Global said it is moving forward with a streamlined brick-and-mortar strategy as part of its ongoing restructuring, announcing the closure of 12 Saks Fifth Avenue and three Neiman Marcus stores while repositioning its go-forward portfolio around “best-performing and most desirable” locations in markets with dense luxury demand. The company said the effort is intended to sharpen the positioning of its banners and concentrate investment in stores capable of supporting stronger full-price selling and deeper relationships with high-spending customers.
At the same time, Saks indicated that conditions on the supply side are beginning to stabilize following the vendor disruptions that preceded its bankruptcy filing. According to the company, more than 500 brands have resumed shipping, unlocking roughly $1.3 billion in retail receipts, or more than 80 percent of the inventory expected between February and April. Saks said it has reached or is nearing agreements with over 175 brands across categories, including major luxury houses and smaller labels, signaling renewed confidence from suppliers as the retailer works through its restructuring.
Feb. 24, 2026
Saks Global CEO Geoffroy van Raemdonck released a statement, saying, “We recently completed our Second Day Hearing, an important milestone in the chapter 11 process,” noting that the company secured access to an additional $325 million under its committed $1.75 billion financing package. The funding brings total liquidity to approximately $825 million since mid-January, with “access to another $300 million tranche expected in the coming weeks,” which the company says will enable it to “deliver on our go-forward commitments to our customers, colleagues and brand partners.” He also pointed to a “strong show of support from partners who participated in the hearing,” adding that Saks has “executed, or [is] near execution of, agreements with leading luxury conglomerates and independent brands across all categories,” underscoring the importance of those relationships to the business.
Van Raemdonck emphasized improving vendor engagement and inventory recovery, stating, “Since mid-January, inventory flow to our stores has meaningfully improved week over week. More than 380 brands have resumed shipping, releasing approximately $1.2 billion in retail receipts. We continue to see healthy momentum as noted by last week’s inventory receipts, which were up 30% compared to the prior year.”
While describing the progress as encouraging, he acknowledged that “there is still important work to be done,” adding that Saks has taken “a phased approach” to partner discussions as it navigates a high volume of negotiations and remains “committed to engaging in equally productive discussions with many more partners very soon.”
Feb. 20, 2026
Saks Global secured approval from the U.S. bankruptcy court for a $1 billion loan, clearing a key hurdle after settling payment disputes with luxury brands and other creditors. The debtor-in-possession financing is part of a broader $1.75 billion package authorized by U.S. Bankruptcy Judge Alfredo Perez during a Houston hearing. Saks says it will use $600 million of the new funds to pay off existing vendors, with as much as $330 million expected to be distributed to vendors with overdue invoices in the next two weeks.
The green light followed negotiated agreements with major luxury suppliers, including Chanel, Dolce & Gabbana, and LVMH, as well as landlords and Amazon, Saks’ partner on its e-commerce platform. Ahead of the hearing, Saks and its lenders addressed those concerns by confirming that consigned inventory would not be treated as part of the retailer’s collateral pool. The company also worked through separate objections from certain landlords, reaching resolutions over outstanding rent obligations for January, the month Saks entered Chapter 11.
Feb. 10, 2026
Saks Global announced plans to close eight Saks Fifth Avenue stores and its Neiman Marcus Boston location as part of a broader effort to streamline operations and reduce debt. The Saks locations slated for closure include stores in Philadelphia; Columbus, Ohio; and Phoenix, with all affected stores expected to remain open through the end of April. Following the closures, the company will operate 25 Saks Fifth Avenue stores, 35 Neiman Marcus stores, and continue maintaining its two Bergdorf Goodman locations.
In addition, Saks Global said it will wind down 14 standalone Fifth Avenue Club personal styling suites while retaining three sites, and will shutter Horchow.com, redirecting customers as of Feb. 19 to the home category on NeimanMarcus.com, where the full assortment previously offered on Horchow.com will remain available.
Jan. 30, 2026
Saks Global is reportedly ending its luxury e-commerce partnership with Amazon, with widely-reported sources saying that t will unwind the “Saks on Amazon” storefront launched in late 2024.
Jan. 29, 2026
Saks Global announced strategic actions to wind down the majority of its off-price operations, including plans to close most Saks OFF 5TH locations and all remaining Last Call stores, subject to approvals in the Chapter 11 process. The company said that select Saks OFF 5TH stores will remain open, primarily to serve as a channel for selling residual inventory from Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, and that it will move away from purchasing merchandise directly for the off-price banner.
Saks Global also disclosed that saksoff5th.com, a separate legal entity from the company, would commence a wind-down of operations, with an online closing sale beginning January 30. Closing sales at certain OFF 5TH locations and all remaining Last Call stores are expected to begin January 31, subject to court approval.
Jan. 27, 2026
The U.S. Trustee’s Office (U.S. Trustee Program), part of the U.S. Department of Justice (U.S. Department of Justice), constituted the Official Committee of Unsecured Creditors in Saks Global’s Chapter 11 cases, appointing a 10-member group that includes Amazon, Chanel, LVMH, and Brookfield Properties Retail, along with other major stakeholders and trade counterparties. The committee’s creation gives unsecured creditors a formal seat at the table in negotiations over financing, vendor treatment, and the broader restructuring path.
Jan. 16, 2026
Saks Global gained access to an initial tranche of approximately $500 million from its $1.75 billion committed financing package, providing liquidity to support operations and transformation initiatives during the Chapter 11 process. The company stated that the funding would facilitate go-forward payments to brand partners and accelerate inventory flow, and confirmed that it had completed a successful first-day court hearing, with orders entered permitting continued operations in the ordinary course, including payroll, benefits, and customer programs.
Jan. 14, 2026
At a “first-day hearing” in Texas, a number of vendors expressed unease that the bankruptcy financing might give Saks’ lenders security interests in consigned merchandise, including high-value handbags, apparel, and jewelry, that technically remained owned by the brands. Under typical luxury retail arrangements, labels retain title to goods supplied on concession until a sale occurs, reflecting the boutique-in-store model widely used across department stores.
Saks Global secured access to approximately $1.75 billion in committed financing, consisting of $1.5 billion from an ad hoc group of senior secured bondholders and approximately $240 million of incremental liquidity from asset-based lenders. With the support of key financial stakeholders, the company confirmed that it had commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas. Saks Global stated that stores and e-commerce operations across Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call, and Horchow would remain open.
The company also announced a leadership transition, naming Geoffroy van Raemdonck as Chief Executive Officer, effective immediately, succeeding Richard Baker, who stepped down as Executive Chairman and CEO effective January 13. Additional senior appointments included Darcy Penick as President and Chief Commercial Officer and Lana Todorovich as Chief of Global Brand Partnerships, alongside CFO Brandy Richardson.
Jan. 13, 2026
Saks Global filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of Texas, formally commencing its court-supervised restructuring. The filing followed closely on internal leadership changes that took effect the same day, including Richard Baker’s departure as Executive Chairman and CEO.
Jan. 2, 2026
Ahead of the bankruptcy filing, Saks Global announced a leadership change, with Richard Baker assuming the role of Chief Executive Officer, in addition to continuing as Executive Chairman, following the departure of Marc Metrick, who stepped down as CEO.
Share
