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New York, NY--As expected, Saks Global—the parent company of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman—filed for Chapter 11 bankruptcy protection on Wednesday.

"This is a defining moment for Saks Global, and the path ahead presents a meaningful opportunity to strengthen the foundation of our business and position it for the future," said van Raemdonck in a statement. “In close partnership with these newly appointed leaders and our colleagues across the organization, we will navigate this process together with a continued focus on serving our customers and luxury brands. I look forward to serving as CEO and continuing to transform the Company so that Saks Global continues to play a central role in shaping the future of luxury retail.”

Van Raemdonck, who previously served as CEO of Neiman Marcus Group prior to its acquisition by Saks Global in 2024, succeeds Richard Baker, who stepped down from his role as executive chairman and CEO of Saks Global, effective Wednesday. Van Raemdonck joins Saks Global’s chief financial officer Brandy Richardson, who served as CFO alongside him at Neiman Marcus Group.

Saks Global also said in its statement that it secured a financing commitment of approximately $1.75 billion, comprising of $1.5 billion from “an ad hoc group of Sak’s senior secured bondholders and approximately $240 million of incremental liquidity from the company's asset-based lenders.”

“This financing package will strengthen the company’s balance sheet and position it for a strong and stable future while it continues to provide customers with unparalleled multi-brand luxury shopping experiences,” Saks Global said in its statement.

As part of the chapter 11 process, Saks Global said it is “evaluating its operational footprint to invest resources where it has the greatest long-term potential. This approach reflects an effort to focus the business in areas where the Company's luxury retail brands are best positioned for sustainable growth.”

Saks Global added that it is seeking relief through a number of customary “first day” motions with the Court to speed a smooth transition into chapter 11 and continue to operate. These motions include “requests to honor all customer programs, make go-forward payments to vendors, and continue employee payroll and benefits.”