The post Geoffroy Van Raemdonck Returns To Rescue Saks Global Post-Bankruptcy appeared on BitcoinEthereumNews.com.

NEW YORK, NEW YORK – OCTOBER 25: Geoffroy van Raemdonck attends the 2022 WWD Honors at Cipriani South Street on October 25, 2022 in New York City. (Photo by Dimitrios Kambouris/WWD via Getty Images) WWD via Getty Images Saks Global’s day of reckoning came on Wednesday—just a little over a year after its doomed $2.7 billion acquisition of Neiman Marcus and Bergdorf Goodman. With its back against the wall after missing a $100 million debt payment, Saks filed for Chapter 11 bankruptcy protection in the Southern District of Texas. To move forward, it has secured a $1.75 billion financial commitment, including $1 billion in debtor-in-possession financing from an ad hoc group led by Pentwater Capital and Bracebridge Capital, plus $240 million in lender credit led by Bank of America, according to the Wall Street Journal. An additional $500 million will be available from the bondholder group after the company emerges from bankruptcy, expected later this year. With the finances sorted, Richard Baker, the architect of the problems Saks now faces, was forced to relinquish his CEO title to Geoffroy van Raemdonck, former Neiman Marcus Group chief. He has accepted the challenge to restore Saks Global’s luxury department store banners—Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman—to the exalted status they once held. Plus, he will oversee Saks Off 5th luxury off-price stores and the Horchow home furnishings business. This isn’t van Raemdonck’s first time steering a company out of bankruptcy. He forged a path forward for Neiman Marcus Group after its bankruptcy during the Covid crisis, emerging after only four months. Now he faces an even bigger test, but since the past is the best predictor of the future, he and Saks Global should emerge victorious. Changing Of The Guard Leading up to Sak’s bankruptcy, it experienced a mass exodus…

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Filed under: News - @ January 16, 2026 7:27 pm