Saks Global news and archive

Richard Baker: The man who couldn't save Saks and Hudson's Bay

In the turmoil surrounding iconic North American department stores, one name has repeatedly surfaced in recent months: Richard Baker. Under the leadership of the current Galeria investor, the Canadian department store chain Hudson’s Bay was forced to close after more than 355 years, and the luxury department store group Saks Global filed for...

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Saks Global obtains approval for one billion dollar financing

Saks Global has secured approval from a Texas bankruptcy court for a one billion dollar financing to support its reorganisation plan. The decision was determined by Judge Alfredo Perez during a hearing held in Houston. The news comes after Saks was able to resolve objections brought forth by luxury brands and business partners that expressed...

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Saks Global announces store footprint optimisation for profitable growth

Saks Global, the luxury retail entity formed through the acquisition of Neiman Marcus Group, has announced a strategic optimisation of its store footprint and service model to drive profitable growth. Store optimisation to drive growth The first phase of this transformation includes the closure of eight Saks Fifth Avenue locations and one Neiman...

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Saks Global unsecured creditors form committee

In a new phase of Saks Global's Chapter 11 bankruptcy proceedings, the US Trustee's Office has formed an Official Committee of Unsecured Creditors, giving the retail group's partners a voice in the process. A total of 10 members were appointed to the committee last week, including major fashion houses such as Chanel, LVMH, Kering and Ermenegildo...

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Saks reportedly ends e-commerce partnership with Amazon

Following its bankruptcy filing, Saks Global is believed to be ending its relationship with Amazon, and is set to wind down its storefront on the marketplace giant. According to sources for Reuters, the decision to bring the ‘Saks on Amazon’ concept to a halt comes as the luxury retail group looks to focus on parts of the business where there is...

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Saks to sharpen luxury focus as it partially winds down off-price business

Saks Global is continuing to roll out changes to its business amid a review of its operations as part of ongoing bankruptcy proceedings. In its latest announcement, the US retail group confirmed plans to partially wind down its off-price category and close the majority of its Saks Off 5th retail locations, as well as the five remaining Last Call...

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Saks Global’s SVP of fashion exits business

The head of fashion at Saks Global has exited the luxury retailer. Roopal Patel, the group’s senior vice president of fashion, has departed and her successor has not yet been named, according to a report by WWD. Patel’s exit was confirmed to the publication by Saks Global, which said in a statement: “Roopal Patel, SVP of the fashion office, Saks...

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Saks Global secures 500 million dollars in funding to support restructuring

Luxury retail group Saks Global has unlocked 500 million dollars of funding to support operations and transformation plans under its ongoing bankruptcy process. The financing is an initial tranche of a 1.75 million dollar committed capital the company secured when it filed for Chapter 11 protection with a Texas court last week. Saks said the...

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Saks Global: Millions owed to Chanel, Kering, LVMH, and more

Saks Global’s journey to eventual bankruptcy had been heavily speculated by industry insiders for months. Suspicions were then confirmed Wednesday, when the US retail giant officially filed for Chapter 11 protection in a Texas bankruptcy court, where documents have revealed the extent of financial challenges faced by the company. In its filing,...

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Saks Global: Court approves 400 million dollar financing, despite Amazon objection

Saks Global has received preliminary approval for 400 million dollars in new funding from a US bankruptcy judge. The capital is part of a 1.75 billion dollar financing commitment secured by the group in association with its Chapter 11 proceedings, initiated with a Texas bankruptcy court. Judge Alfredo Perez approved of the funding despite...

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Brunello Cucinelli backs new Saks Global leadership amid Chapter 11 filing

While attending the second day of Pitti Uomo in Florence, following what he described as a "very, very interesting" opening, Brunello Cucinelli shared his enthusiasm for the leadership transition at the newly formed Saks Global. "We were delighted to learn this morning that our highly esteemed Geoffroy van Raemdonck has been appointed CEO of...

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Saks files for bankruptcy protection, Geoffroy van Raemdonck appointed CEO

Saks Global has officially succumbed to bankruptcy. The US luxury retail group has commenced voluntary chapter 11 proceedings in the US Bankruptcy Court for the Southern District of Texas. The company, which owns Saks Fifth Avenue, Saks Off 5th, Bergdorf Goodman and Neiman Marcus, has said its stores will remain open for now. The filing intends...