Saks Global Set to Exit Bankruptcy by June as CEO Van Raemdonck Cuts Debt by 75%

✴︎

5.12.2026

Quick Facts

Saks Global will exit bankruptcy by June 22, 2026, with debt reduced from $4.7 billion to $1.2 billion
Nearly 720 brands have resumed shipping merchandise, releasing $1.6 billion in retail receipts
The company projects $7.2 billion in revenue by 2030, reflecting 7% annual growth from 2027-2030

Saks Global expects to exit Chapter 11 bankruptcy by June 22, 2026, after cutting its debt load by 75% from $4.7 billion to $1.2 billion. CEO Geoffroy van Raemdonck said the company is already “a stronger partner to our brand partners and other key stakeholders.”

The luxury retailer filed for bankruptcy after a $2.7 billion acquisition of Neiman Marcus in 2024 collapsed under mounting debt and declining sales. The combined entity accumulated $4.7 billion in debt by Q2 2025.

Since filing for Chapter 11, Saks Global has rebuilt relationships with vendors who had stopped shipping due to delayed payments. Nearly 720 brands have resumed deliveries, releasing $1.6 billion in retail receipts. Major creditors include Chanel ($136 million), Kering ($60 million), and LVMH ($26 million).

Inventory receipts in March jumped 18% compared to the previous year. This led to stronger customer activity, with spend per store visit rising 6% and online conversion rates climbing 11%.

Van Raemdonck, who previously led Neiman Marcus through bankruptcy in 2020, is closing most Saks Off 5th locations and 21 department stores. The company laid off 640 corporate employees, representing 16% of corporate staff.

The restructured company will emerge with $750 million in term loans and a $347 million asset-based lending facility. Saks Global expects a $135 million net loss in 2026 but projects $99 million in net income by 2029.

By 2030, the retailer targets $9 billion in gross merchandise value and double-digit adjusted EBITDA. Revenue is projected to reach $7.2 billion by 2030, reflecting compound annual growth of roughly 7% between 2027-2030.

“This is a defining moment for Saks Global,” Van Raemdonck said. “The path ahead presents a meaningful opportunity to strengthen the foundation of our business and position it for the future.”

Neil Saunders of GlobalData said the debt-fueled Neiman Marcus acquisition “always made bankruptcy a likely destination for Saks Global. The only real surprise has been the speed of the collapse.”