Saks Takes Chapter 11 Path to Stabilize Debt Load
Saks Global Enterprises filed for Chapter 11 bankruptcy to address mounting losses and a hefty debt load, securing about $1.75 billion in financing (including $1 billion of debtor-in-possession financing and $500 million on emergence) and naming Geoffroy van Raemdonck as CEO to reevaluate its footprint; Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus stores will remain open, with the company pledging to honor customer programs and payroll during the restructuring, marking a pivotal moment after years of leveraged-finance-driven growth.
