Saks Global officially filed for Chapter 11 bankruptcy protection. The move happened in the U.S. Bankruptcy Court for the Southern District of Texas, according to a statement from the New York-based company sent late Tuesday. They said they still plan to operate through the bankruptcy filing. In that same statement, the company called the move a “transformative financial transaction” that includes a $1.75 billion commitment from some of their biggest stakeholders, they said, will “provide ample liquidity to fund Saks Global’s operations and turnaround initiative.” They say the bankruptcy filing will help them continue to pay their vendors, and continue employee payroll and benefits Since bringing Neiman Marcus under their umbrella in 2024, Saks Global’s finances have been under the microscope. The statement comes as they have also announced that former Neiman Marcus Group CEO Geoffroy van Raemdonck was effective immediately. He will take over for Richard Baker, who was just hired for the job in early January. The company, which holds the umbrella for in-store and online brands Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call, and Horchow, says those stores will remain open to serve their customers. Neiman Marcus’ flagship store is in Downtown Dallas, where it has been for more than 100 years. After plans by Saks Global to close the iconic store at the beginning of 2025 because of landlord disagreements, they worked with the City of Dallas to keep the store open. Saks Global has also confirmed it will close the Neiman Marcus store at Willow Bend in 2027. ...read more read less