Bloomberg (Bloomberg) — A judge turned back Amazon.com (AMZN) Inc.’s initial challenge to Saks Global Enterprises’ foray into Chapter 11, by approving short-term financing for the bankruptcy. The online giant claimed the luxury retailer breached a deal to sell Saks products on its website and that its equity investment in the now bankrupt business is “presumptively worthless.” After a late-night, 7.5-hour-long court battle, Saks won access to about $400 million in cash, but must return in the coming week ...

Amazon is reportedly challenging luxury retailer Saks Global’s bankruptcy filing.By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions .Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.The eCommerce giant accuses the company of breaking an agreement on the sale of Saks ...

A 100-year-old retailer is headed to the bargain bin. Saks Global — the parent company behind Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman — has become the latest department store owner to file for Chapter 11 bankruptcy protection. The company said Wednesday that it secured $1.75 billion in financing to keep its store doors open and named a new CEO. But whether some fast cash will lead to a long-term recovery for Saks is still being sorted and folded. SUBSCRIBE:  Receive more of our free The Dai ...

The key to that, he stressed, will be getting merchandise. Van Raemdonck said payments going forward will depend on when goods are shipped. Products shipped after Jan. 13 are known as “post petition” obligations that receive priority payment status. “Going forward, we will pay vendors in the ordinary course of business for authorized goods and services rendered on a ‘post-petition’ basis,” he wrote.Even as Saks Global filed for Chapter 11, van Raemdonck was hard at work trying to convince brands to stick wi ...

The parent company of luxury retailer Saks Fifth Avenue has filed for bankruptcy. Saks Global Enterprises says it still owes at least $3.4 billion. Bloomberg's Eliza Ronalds-Hannon reports. ...

Key Takeaways Saks Global Enterprises, which includes Neiman Marcus, Bergman Goodman, and its namesake brand, sought bankruptcy protection Wednesday. The retailer aims to keep stores open during the restructuring, and has appointed former Neiman Marcus CEO Geoffroy van Raemdonck to oversee the company during the transition. One of America's most storied luxury names is looking for a fresh start. Saks Global Enterprises—which includes Saks Fifth Avenue, the home goods specialist Horchow, and the di ...

US-based luxury retailer Saks Global has secured $1.75bn in committed capital and filed for voluntary Chapter 11 protection as part of a financial restructuring. The company commenced proceedings in the US Bankruptcy Court for the Southern District of Texas, outlining plans to stabilise its finances while pursuing an operational transformation. The financing package consists of a $1.5bn commitment from an ad hoc group of senior secured bondholders, together with $240m of incremental liquidity provided b ...

Core Viewpoint - Saks Global Enterprises, owner of Saks Fifth Avenue and other luxury retail brands, has filed for Chapter 11 bankruptcy protection, highlighting that even high-end retailers are not immune to economic challenges [1] Group 1: Bankruptcy Filing Details - Saks Global announced its Chapter 11 filing in the U.S. Bankruptcy Court for the Southern District of Texas on January 14, 2026, and has secured $1.75 billion in financing commitments to support its turnaround efforts during the bankruptcy process [2] - The company has appointed Geoffroy van Raemdonck as the new CEO, taking over from Richard Baker immediately [3] Group 2: Reasons for Bankruptcy - Saks Global is facing challenges similar to other retailers, including higher tariffs, inflation, online competition, and reduced discretionary spending by consumers [4] - The company has reported assets and liabilities between $1 billion and $10 billion, with a significant debt burden exacerbated by the acquisition of Neiman Marcus for approximately $2.7 billion in 2024 [4][5] - Saks Global owes substantial amounts to major fashion brands, including around $136 million to Chanel, $60 million to Kering, and $26 million to LVMH [5] Group 3: Company Overview - Saks Global's most recognized brand is Saks Fifth Avenue, established in 1867, and it also owns other retailers such as Bergdorf Goodman, Saks Off 5TH, Last Call, Horchow, and Neiman Marcus [6] - CEO Geoffroy van Raemdonck described the bankruptcy process as a defining moment for Saks Global, presenting an opportunity to strengthen the business's foundation for the future [7]

Company Updates - Saks Global, a luxury retailer, has filed for Chapter 11 bankruptcy protection after running out of cash, allowing it to reorganize its business and manage debts [3] - Former Neiman Marcus CEO Geoffroy van Raemdonck has been appointed as the new CEO of Saks, succeeding Richard Baker, who held the position for only two weeks [4] - Saks has secured a financing commitment of approximately $1.75 billion, which is crucial for its restructuring efforts [4] Industry Insights - The core reading of December's consumer price index showed a monthly gain of 0.2% and an annual increase of 2.6%, which was lower than economists' expectations of 0.3% and 2.7% respectively [6] - The producer price index, a key indicator of wholesale cost growth, is set to be released soon, providing further insights into inflation trends [6] - Meta is shifting focus from virtual reality to artificial intelligence, resulting in a 10% staff reduction in its Reality Labs unit, equating to over 1,000 jobs [11]

Core Insights - Saks Global Enterprises has filed for Chapter 11 bankruptcy protection, following a $2.7 billion acquisition of Neiman Marcus that resulted in a significant debt burden, marking a major retail collapse post-COVID-19 pandemic [3] - The company has secured a financing commitment of approximately $1.75 billion to support its operations and restructuring efforts [4][5] Financial Overview - Saks reported assets and liabilities in the range of $1 billion to $10 billion as per court filings [3] - The financing commitment includes $1.5 billion from an ad hoc group of bondholders and around $240 million from asset-based lenders [4] Operational Changes - Saks is evaluating its operational footprint to focus resources on areas with the greatest long-term potential [3] - The company appointed Geoffroy van Raemdonck as CEO, who previously led Neiman Marcus before its acquisition by Saks [5] Background Context - Saks Global was formed after Hudson's Bay acquired Neiman Marcus in 2024, consolidating several luxury brands under one entity [6] - The acquisition involved about $2 billion in debt financing and equity contributions from investors, including Amazon and Salesforce [7] - Prior to the Neiman Marcus acquisition, Saks was already facing challenges due to a slowdown in the luxury market and had delayed payments to vendors [7]