Saks Global files for bankruptcy, shakes up leadership after a year of struggles

Core Insights - Saks Global has appointed a new CEO, Geoffroy van Raemdonck, who is restructuring the leadership team with executives from his previous tenure at Neiman Marcus [3][4] - The company has filed for Chapter 11 bankruptcy, following financial difficulties after a $2.7 billion merger with Neiman Marcus Group [7] - Saks Global has secured a $1.75 billion financing package to support its operations during the bankruptcy process [7] Leadership Changes - Darcy Penick has been appointed as president and chief commercial officer, overseeing various departments including marketing and customer care [4] - Lana Todorovich is now the chief of global brand partnerships, while Brandy Richardson continues as CFO after previously serving in the same role at Neiman Marcus [4] Financial Challenges - The company is facing issues with vendor payments, leading to some vendors abandoning the retailer or slowing shipments, which has negatively impacted sales [5] - Analysts suggest that these payment issues have also affected holiday inventory plans for the company [5][6] Strategic Focus - Van Raemdonck emphasizes the importance of rebuilding relationships with vendors and creditors as a priority for the company [5][6] - The leadership aims to strengthen the foundation of the business and enhance its positioning for future growth [5]