Debt-riddled retail giant’s demise has cast uncertainty over the future of US luxury fashion
The high-end department store conglomerate Saks Global filed for bankruptcy protection on Tuesday in one of the largest retail collapses since the pandemic, barely a year after a deal that brought Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus under the same roof.
The move cast uncertainty over the future of US luxury fashion, though the retailer said early on Wednesday its stores would remain open for now after it finalised a $1.75bn financing package and appointed a new CEO.
The former Neiman Marcus CEO Geoffroy van Raemdonck will replace Richard Baker, who was the architect of the acquisition strategy that left Saks Global saddled with debt.
Saks Fifth Avenue, the retail arm of Saks Global, listed $1bn to $10bn in assets and liabilities, according to documents filed in US bankruptcy court in Houston, Texas.
