Inside Saks Global’s Bankruptcy Filing: Christian Louboutin Is Owed $21.6 Million, Jimmy Choo Parent Capri’s Tally Is $33.3 Million

Core Insights - Saks Global, the parent company of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, has filed for Chapter 11 bankruptcy, securing $1.75 billion in financing to continue operations during the process [1] Group 1: Unsecured Creditors - Major footwear brands are among the largest unsecured creditors, with Christian Louboutin owed $21.6 million and Capri Holdings (parent of Michael Kors and Jimmy Choo) owed $33.3 million [2] - Chanel is owed $136 million, while Kering, the parent company of Gucci and Balenciaga, is owed $59.9 million [3] - The filing lists over 10,000 creditors, with small independent brands facing significant risks in the current luxury market [4] Group 2: Financial Details - Saks Global's assets and debts are estimated to be between $1 billion and $10 billion, with $2.2 billion in bonds related to the acquisition of Neiman Marcus and an additional $600 million in debt from a recent refinancing [5] Group 3: Leadership Changes - Richard Baker has stepped down as CEO of Saks Global after a brief tenure, with Geoffroy van Raemdonck, former CEO of Neiman Marcus Group, being appointed as a potential successor [6] - Van Raemdonck stated that this moment presents an opportunity to strengthen the business's foundation for the future [7]