Saks’ Bankruptcy and the Future of Luxury Retail

Summary

Podcast Summary: Saks’ Bankruptcy and the Future of Luxury Retail

The Business of Fashion Podcast
Date: January 15, 2026
Host: Sheena Butler Young & Brian Baskin
Guest: Kat Chen, BoF Retail Editor

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Overview

This episode of The Business of Fashion Podcast takes a deep dive into the highly anticipated bankruptcy filing of Saks Global—the owner of Saks, Neiman Marcus, and Bergdorf Goodman. Host Sheena Butler Young, Executive Editor Brian Baskin, and retail editor Kat Chen unpack the root causes of this collapse, the fallout for luxury brands and small vendors, and what it all means for the future of multi-brand luxury retail. They also discuss Saks’ new leadership, what might come next for the iconic retailer, and what lessons can be learned in an era of changing consumer habits and industry upheaval.

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Key Discussion Points & Insights

1. Context: The Bankruptcy Filing

• Not a Surprise: The bankruptcy had been anticipated by industry insiders for some time, with cracks visible even pre-merger ([01:01–01:12]).

  “Even before the merger, which literally just closed a year ago, there were cracks. I've been hearing from vendors about delayed payments from Saks since 2023.” – Kat Chen [01:12]

• Financial Distress: Chronic vendor payment delays, increasing debt, and a “death spiral” of lost inventory and falling sales led to insolvency ([01:26–03:19]).
• Merger’s False Promise: Hopes for synergies and cost savings post-merger unraveled as savings failed to materialize and debts mounted.

2. Vendor Crisis and the ‘Death Spiral’

• Broken Vendor Relationships: Payment terms established in early 2025 weren’t honored; many vendors stopped shipping, depleting Saks’ inventory and exacerbating sales declines ([01:34–03:15]).
• Compounding Debt: Most of Saks’ limited cash flow went to servicing debt and interest payments, not reinvestment in stores or vendor relationships.

3. Details of the Bankruptcy Filing

• Scale of Debts: Saks owes $3.4 billion, including $136 million to Chanel—the largest unsecured creditor. Comparisons were drawn to Barney’s ($4 million to its largest creditor) and Neiman Marcus’s 2020 bankruptcy ($8 million to Chanel) ([05:58–07:07]).

  “Saks now has $1.75 billion in restructuring finance. This is money that Saks did not have yesterday…Saks owes a ton of money, $3.4 billion…including $136 million to Chanel, which is its biggest unsecured creditor.” – Kat Chen [05:58]

• Who Gets Paid?: The bankruptcy court will decide which brands are “critical vendors” and get priority for payments, prioritizing large brands and key partners but leaving small brands vulnerable ([07:24–10:36]).

  “If you are a large multi-brand retailer like Saks Global, yes, you need the Chanels of the world…but you also need…smaller brands because you need to create a sense of discovery…” – Kat Chen [09:16]

• Personal Toll: Example cited of a model owed $46,000 by Bergdorf, highlighting real-life impacts on individuals, not just brands ([10:10]).

4. Was This Preventable? The State of Multi-Brand Retail

• Multi-Brand Model Not Dead—Private Equity Meddling Is: Other department stores like Nordstrom and Bloomingdale’s are still seen as reliable partners; the failure at Saks is linked more to financial engineering than the customer model ([11:04–12:26]).

  “…If anything, this bankruptcy is a death knell for private equity meddling in department stores and maybe fashion in general.” – Kat Chen [12:18]

5. Leadership Reshuffle and the New Path Forward

• New CEO: Geoffroy Van Raemdonck, ex-CEO of Neiman Marcus with a strong reputation for turnaround and brand relationships, is brought in to steer Saks through bankruptcy ([15:34–16:39]).

  “Geoffroy is a very well seasoned veteran in luxury fashion. He served as the CEO of Neiman Marcus…he is very well regarded in the industry. He took Neiman Marcus in and out of bankruptcy…” – Kat Chen [15:34]

• Leadership Drama: Three CEOs in two weeks, described as a scramble to find leadership suitable for restructuring rather than business as usual ([16:39–17:56]).

  “It was a matter of finding the right CEO for this particular chapter…the company in distress.” – Kat Chen [16:51]

6. The Future Owner and Structure of Saks

• What’s Next?: Creditors may end up as new owners, as happened with Neiman Marcus. Equity investors like Amazon and Authentic Brands Group could be wiped out ([18:13–19:42]).
• Need to Reinvent: Post-bankruptcy, Saks will need to scale down, shed debt, and reinvent its model to survive.

7. What Can Save Saks? Reshaping the Model

• Cutting Losses: Scaling back retail footprint and focusing on store profitability likely means flagship closures and a leaner operation ([19:57–20:56]).
• End the Discount Spiral: Saks must resist deep discounting to attract quality customers—moving toward models like MyTheresa, which thrives by rarely discounting ([21:04–22:46]).

  “By being super disciplined in markdowns, even if it means leaving sales on the table, I think is number one, because this will create a better pool of customers. This is why MyTheresa is doing so well.” – Kat Chen [21:21]

• Focus on Service and Curation: Instead of lowest prices, Saks’ future could hinge on VIP customer service, exclusive events, and a tight, discovery-driven product edit ([21:04–22:50]).

8. Examples to Imitate

• Inspiration from Specialty Retailers: Cited Dover Street Market, Elyse Walker, and MyTheresa as models for high-touch, brand-trusting, curated, and non-discounted retail done right ([22:58–24:19]).

  “They are great retailers because they really know their customer and they really have trusting relationships with the brands they work with. They have a super tight edit and they rarely discount.” – Kat Chen [23:05]

• Challenge for Saks: The challenge is whether a retailer of Saks’ size can effectively emulate these boutique strategies.

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Memorable Quotes & Moments

• On Vendor Trauma:

  “A lot of vendors had some success in badgering Saks to pay them again and again. But by this point…a number of labels have stopped shipping to Saks entirely. And this created…a death spiral…” – Kat Chen [01:34]

• Industry Reality:

  “This is a notoriously difficult business model with super thin margins…all of that cash was probably going to debt.” – Kat Chen [03:42]

• On Critical Vendors:

  “…the size of the vendor ultimately isn't the deciding factor in becoming a critical vendor…you also need…smaller brands because you need to create a sense of discovery…” – Kat Chen [09:16]

• The Human Cost:

  “I also spoke to a model this morning…she is owed $46,000…she can't pay rent.” – Kat Chen [10:10]

• Reflecting on Private Equity’s Role:

  “…this bankruptcy is a death knell for private equity meddling in department stores and maybe fashion in general.” – Kat Chen [12:18]

• Future Vision:

  “Saks Global will have to shrink in order to grow.” – Kat Chen [20:38]

• Best-in-Class Example:

  “…My Theresa is doing so well. They don't have discount customers and I think Saks need to move into that direction…” – Kat Chen [21:21]

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Important Timestamps

• 00:19 – News of the bankruptcy and the filing’s headline details.
• 01:12 – Why the bankruptcy wasn’t a surprise.
• 03:15 – How servicing debt crippled Saks/Neiman Marcus post-merger.
• 05:58 – Deep dive into the actual bankruptcy filing and debts owed.
• 09:16 – The process and criteria for “critical vendors” in bankruptcy.
• 10:10 – Real-life impact: A model owed thousands is struggling to pay rent.
• 11:04 – Can the collapse be blamed on the retail model?
• 15:34 – New CEO Geoffroy Van Raemdonck’s background and potential.
• 17:56 – Ownership questions—what happens post-bankruptcy.
• 19:57 – Reimagining the retail business model for a post-bankruptcy Saks.
• 21:04 – Strategies for customer loyalty and fighting the discount culture.
• 22:58 – Examples of other retailers Saks could look to for inspiration.
• 24:19 – Closing insights and Kat Chen’s reporting resource plug.

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Conclusion

The downfall of Saks shines a harsh light on the fragility of the leveraged, multi-brand luxury department store model—especially when compounded by private equity missteps and a failure to invest in critical relationships with brands and customers. While bankruptcy wipes out debt and offers a chance for reinvention, the future depends on whether Saks can embrace a leaner, smarter, customer-first, and discount-resistant model—perhaps modeled on niche luxury boutiques and best-in-class e-commerce firms. With trusted leadership and painful but necessary restructuring, Saks may yet have a viable path forward, but it must trade bloat for focus, and debt for authenticity and service.

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For Further Reading

Check out Kat Chen’s detailed reporting on the Saks bankruptcy at businessoffashion.com.

Transcript

[A]

Hello and welcome to the Debrief from the Business of Fashion, where each week we delve into Our most popular BoF professional stories with the correspondents who created them. I'm senior correspondent Sheena Butler Young.

[B]

And I'm Executive editor Brian Baskin. On Wednesday, the owner of Saks, Neiman Marcus and Bergdorf Goodman filed for bankruptcy, saying it owed at least $3.4 billion to creditors, including than $100 million to Chanel alone. Sachs also named former Neiman Marcus CEO Jeffoa von Ramdon to lead it through the bankruptcy process, the company's third CEO in two weeks.

[A]

With us to discuss these developments and unpack what they mean for the future of luxury retail is BoF retail editor Kat Chen, who has been following the Saks story for quite some time. Kat, welcome to the debrief.

[C]

Hey guys, I'm really amped on caffeine right now, so let's talk Saks.

[A]

So we should start with what is probably obvious to a lot of industry insiders. This bankruptcy filing is not a huge surprise. It has been much anticipated. And I mean that for better or worse, right?

[C]

No, not at all. Definitely not a surprise. Even before the merger, which literally just closed a year ago, there were cracks. I. I've been hearing from vendors about delayed payments from Saks since 2023, and.

[B]

That'S where Sachs acquired Neiman Marcus and Bergdorf Goodman. And even at the time, people said there's some issues with this combined company.

[C]

Yes, exactly. So the merger between Sachs, Neiman Marcus and Bergdorf, it closed in December of 2024. And at the time there was hope that the scale of Sachs and Neiman Marcus Group combined would generate savings for the retailer and that those savings would eventually create greater cash flow to serve purchase orders from vendors, that the decaying relationship between Saks and its vendors would improve. But what actually happened was that it got worse. Even after Saks created these new payment terms in February of last year, they weren't able to stick to their installments, their monthly installments to vendors. There were still many outstanding invoices that they essentially ignored. A lot of vendors had some success in badgering Saks to pay them again and again. But by this point, and I mean by spring of 2024, a number of labels have stopped shipping to Saks entirely. And this created what a lot of people were calling a death spiral to Saks, where Saks wasn't getting inventory or good inventory. And this hurt their ability to attract customers, which hurt their sales. But really the big picture, even beyond this vendor crisis now this understanding that we have in hindsight is that Sachs and Niemann going into the merger they were ill fated because both were extremely levered businesses to begin with. Meaning that a chunk of whatever sales that they were able to generate, whatever savings they were able to generate, would.

[B]

Be going toward interest payments instead of investing in stores.

[C]

Right, investing in stores, investing in vendor relationships, investing in customer service. They have been serving debt for years, both of these retailers.

[B]

And there were some pretty big problems that this combined company had to solve. I mean, every penny that was going toward paying debt wasn't going towards solving this larger problem with multi brand retail.

[C]

Exactly. And you guys have to understand, multi brand retail is already a notoriously difficult business model with super thin margins, like between 2 to 10% single digit profit margins that Saks Global would be generating in profits. And all of that cash was probably going to debt.

[A]

So there was something interesting in the story. One of your sources in fact said that they believe that Sachs and Neiman used this merger to buy time. Essentially what's behind that?

[C]

At the time of the merger, Saks Global, even in their press releases they named $500 million in cost savings. We usually see this as synergistic savings or this is the synergy in the merger that they were pitching. The idea was that with these savings that they would both have more cash flow. One to serve their vendors and serve their businesses, which was the face value of this merger. But people in the financial community understood that their merger together with the savings generated would help these companies serve their debt together in tandem and that this would create a more financially healthy entity. But what we've seen is that Saks Global took on more debt, right? $2.2 billion in bonds and that means more interest payments that they were serving. Sachs was already facing a huge interest payment in June. And in June they already had to restructure their bond in order to meet that interest payment. And so basically since spring of this year, since early 2025, Sachs has been on this downward trajectory.

[B]

And then things really came to a head in December with an interest payment that Sachs simply wasn't able to meet.

[C]

Yes, exactly. It was more than $100 million in interest. And that was the catalyst of this chapter 11 filing.

[B]

All right, and that brings us to the bankruptcy filing, which you've actually read. Why don't you tell us what's in it? What does it tell us about who Sachs owed and how much?

[C]

Yes, so the bankruptcy filing from this morning, the details were pretty interesting. Basically, Sachs now has $1.75 billion in restructuring finance. This is money that Sachs did not have yesterday. And so in many ways, you know, this is welcome news for the industry. This is welcome news for its vendors. However, Sachs owes a ton of money, $3.4 billion, like you said, including $136 million to Chanel, which is its biggest unsecured creditor. Now I want to put this in context because I want previous retail bankruptcy filings. We have Barney's, we have Neiman Marcus, the top 30 creditors, the top 30 unsecured creditors to Sachs are all owed double digit millions. When Barney's filed for bankruptcy in 2019, its biggest unsecured creditor was the ROE which it owed less than $4 million. And when Neiman Marcus filed in 2020, it owed Chanel around $8 million.

[A]

Oh my goodness.

[C]

Yeah, so, so it's $8 million for Neiman versus $136 million now in Sachs's bankruptcy. And Sachs has said on that filing that it has between 10 to 25,000 creditors.

[A]

And how likely are these brands that are unsecured, like emphasis on unsecured creditors, likely to be paid? Because obviously they have, the banks have to be paid first.

[C]

Right, exactly. That's what unsecured means. Now my understanding is that these big conglomerates that Sachs owes money to, Chanel, Kering, lvmh, Mehula, all of these players are going to be fine. It's really the smaller independent brands that might be owed less money, but the amount that they're owed are just so much more critical to their business operations. These are the players that are the most vulnerable right now. Because what's going to happen is that in bankruptcy proceedings, Sachs will now create a list of what's known as critical vendors. And these are the vendors that will have first priority in getting the money that they're owed. And critical vendors are exactly what that term sounds like. These are brands that are essential to Sachs's business. And then the bankruptcy court would sort of sign off on this arrangement in the priority of the creditors that are owed money. Obviously the bigger the vendor, the more critical the vendor. Right. To a multi brand retail player. And so this means that if you're, you know, if you're a small to medium sized brand, let's say that you're owed $50,000, let's say that you're owed $100,000. The case that you can make to be a critical vendor is difficult. It's not impossible, but it's more difficult. And again, the bankruptcy court has to sign off on it.

[B]

So a bankruptcy judge is going to be deciding which brands get paid in which order. I hope they have really good fashion sense because that's a really critical decision.

[C]

Exactly, exactly. This is. I was just on a call with Susan Scafidi with the Fashion Law Institute and she was able to break this down for me. But she did say something that was very important, which is that the size of the vendor ultimately isn't the deciding factor in becoming a critical vendor. In the sense that if you are a large multi brand retailer like Saks Global, yes, you need the Chanel's of the world, you need the Balenciagas, you need the Cartiers, but you also need maybe more obscure brands, you need the smaller brands because you need to create a sense of discovery in the experience that you're offering shoppers. And so hopefully the bankruptcy court will understand that.

[A]

Well, it'll be quite the challenge to pick which of those smaller. Was it 20,000 creditors? Like which one of those make that critical list? Or is it 10,000 something along those to 25,000.

[C]

And it's not just brands. Right. I also spoke to a model this morning. She does catalog, so like the product listings on Bergdorf Goodman's website. So when you're browsing, you know, for shoes, for trousers, she's the model that you would see on these product listings. She was telling me that she is owed 46,000 doll thousand dollars by Bergdorf and that she can't pay rent.

[A]

Now, $46,000 for an individual, that's probably that could be, you know, a third of her annual earnings or maybe more. I want to talk about, because you said it earlier in the, in the episode, we talked about Sax troubles being sort of mounting for a while and you did a lot of reporting earlier in 2025 about the vendor issue. Can we talk about how much of this could have been prevented where, where they are today? How much of this was preventable and how many, how much of it reflects this broken sort of mult retail model?

[C]

Well, so this is where it gets tricky because theoretically a retailer can and should pay their brand partners in time. And a lot of retailers are doing this right. From what I hear in the industry, Nordstrom is a great partner. I hear that Bloomingdale's always pays on time. And I'm sure Saks wanted to pay on time. I'm sure Saks wanted to pay their vendors, but it was a matter of prioritizing where their cash was going to. Was it serving debt in order to avoid default or was it going toward brand partners who really don't have that much recourse in recouping what they're owed by a retailer. Every time a brand ships to a retailer, it's a risk, it's a gamble, right? And it's there. These are not legally protected transactions. And for Saks, they needed to serve their interests, they needed to serve their debt. And so, you know, a lot of people have asked, is this bankruptcy a death knell for multi brand retail, for wholesale, for this model? And I personally think that the answer is no. If anything, this bankruptcy is a death knell for private equity meddling in department stores and meddling in maybe fashion in general.

[A]

We'll be back with more of the debrief right after this.

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[B]

Let's talk about the way forward and specifically the man who is now going to be overseeing Sachs as it works its way through bankruptcy. Tell us, who is Geoffroy Van Ram Donk and what is his reputation in the industry?

[C]

So Geoffroy is a very well seasoned veteran in luxury fashion. He served as the CEO of Neiman Marcus from I think 2018 to when the Neiman Marcus merger happened with Saks. Before that he held executive roles at St John, at LVMH and he is very well regarded in the industry. He took Neiman Marcus in and out of bankruptcy and he was able to cultivate a lot of great relationships with brands during that entire process. And so he has a lot of trust. In fact, earlier today, Brunello Cuccinelli sent out a press release after the news broke about Sachs, about how they look forward to working with Sachs under this new leadership team which also includes longtime Neiman Marcus executives Darcy Pennock and Lana Todorovich. They're seasoned, seasoned merchants in the industry. So their appointment is also able to garner some goodwill in the industry and with the brands that currently work with Saks.

[A]

Yeah, I'd imagine that signals a lot of steadiness and the way forward. But also how does one go through three CEOs in two weeks? We never address that elephant in the room. What happened there? Why were there three CEOs in two weeks at Saks?

[C]

You know, honestly, it's just trouble at Saks, period. I think when Sachs was preparing for bankruptcy and that marked mark metrics departure, it was a matter of finding the right CEO for this particular chapter of A company, the company in distress. And then when Richard Baker exited, I think that was the creditor's decision. That was this new slate of soon to be Sachs owners saying, hey, we don't want a real estate private equity guy in charge anymore. You know, this is, this is the man who sort of generated this mess to begin with. We want to show the industry that Saks has a path forward. And I think this new leadership team with Geoff Waugh and Darcy and Lana, I think signals a viable future for Saks to continue existing as one of the largest luxury retailers in the world.

[B]

Because this is the team that was leading Neiman Marcus before the merger. And it's, and it's who a lot of people wanted running this company all along. Right?

[C]

Exactly. I was actually shocked when the News broke in 2025 that this team would exit Saks Global altogether.

[B]

So you just mentioned Saks's new owners, but that's probably not who's going to be running Saks in the long term. Eventually someone does have to take ownership of Saks and all of its debts and its long term problems with multi brand retail and figure out what to do with this company. Who might that be? What are the possibilities here at the other end of the bankruptcy process?

[C]

Well, it very well could be the creditors. That was what happened with the Neiman Marcus bankruptcy. In a bankruptcy proceeding, basically the entire like equity structure is wiped out. And so for instance Amazon and Authentic Brands Group who invested in Sachs Global last year, it could be that their equity is also wiped out as investors. And the question really isn't who will own the company. I think the question is who will lead the company? Ideally after restructuring, after bankruptcy, Sachs will have less debt in general and so bankruptcy will hopefully wipe out some debt. And then from there the question really is what will this giant entity look like? Whether it will be under Jeff Ross control or a new leader. I think that is where this question of reinvention comes in. Because right now this model for Saks is unsustainable.

[B]

What might Sachs be able to do if it has some money freed up to invest in its stores, in its relationship with brands, in internal leadership? What could they do to turn around this department store model? They're certainly not the only ones suffering here as we've talked about.

[C]

About. Absolutely. I think the answer actually lies in the question that you just asked Brian. Is that so philosophical? Yes, but they have to free up money first. Right. And so, you know, this year after the merger closed, there were a lot of industry critiques on Saks deciding to close redundant stores. They were looking to close a couple of Neiman Marcus flagships and the industry was really precious about it. You know, like, oh, no, this is, this is the history of Neiman Marcus being erased. But the reality is that after bankruptcy, were Sachs Global to have a real future, the first thing they need to do is scale back and focus on profitability. And that often means closing stores, that often means just becoming a much leaner operation. And I think that this is a reality that the industry will need to contend with. I think that Saks Global will have to shrink in order to grow.

[B]

Well, that addresses that. They will have more money, but then what's the best way to spend it? I mean, how do they make people feel special when they go into these stores again?

[C]

Yeah, absolutely. So I think once they have their cash flow situation in check and they're running a more profitable, a leaner operation, I think first thing is discounting. Discount culture. I mean, discounting is also why so many of it, its predecessors in trouble, met their demises. It's where ESSENCE is also sort of existing now. And it is. And it's this existential problem that we've had in this industry, which is that especially American shoppers are shopping online to choose the best deals possible and not necessarily choosing to be loyal to certain retailers. And I think that this is an area that Saks can really redefine, at least for itself, I think by being super disciplined in markdowns, even if it means leaving sales on the table, I think is number one, because this will create a better pool of customers. This is why my Teresa is doing so well. They don't have discount customers and I think Saks need to move into that direction and from there is customer service. So in lieu of the lowest prices, Saks could be delivering instead the best customer service. You know, whether this means VIP trips and events and really, you know, really decked out events with their brand partners inviting their top 1% VIC's to attend. You know, I think this is an alternative to discounting that some of the best retailers are prioritizing today, which again.

[B]

Is something Neiman Marcus was well known for. And Saks maybe less so.

[C]

Exactly.

[A]

Are there other examples of what good looks like right now that like Saks can model or use as inspo as it moves forward?

[C]

So there are independent sort of boutique specialty retailers, you know, Dover Street Market comes to mind. Elise Walker comes to mind. These are chains, but these are chains with very few stores and they're good partners and they are great retailers because they really know their customer and they really have trusting relationships with the brands they work with. They have a super tight edit and they rarely discount. And then on the E commerce side, and maybe these are better models for essence, but there's my Teresa, which I hear is killing it by really investing in clientelling, really investing in high touch customer service. There is Forward, which is owned by Revolve Group, sort of making the same investments despite both of these players being E commerce. And so are there amazing third party retail companies out there offering discovery, offering customer service and and creating a blueprint for how retailers and brands can work together? Yes, but the question is, will Saks Global be able to pull it off as so much bigger than these players?

[A]

Well, you will be very busy in the next few months seeing how Saks does this from scratch because they, like you just said, they have a lot of inspo to draw from, but they will be building something from the ground up essentially. Kat, it's always a pleasure to have you. Thank you so much for breaking this down.

[C]

Yes, of course. It was my pleasure.

[A]

Please be sure to check out Kat's coverage of saks [e-mail] her reporting and other stories are available to BOF Professional subscribers only and you can find the links in the episode notes. You've been listening to the debrief, produced and edited by Olivia Davies and Eric Brea. I'm Sheena Butler Young.

[B]

And I'm Brian Baskin. We'll be back next week with a new episode. Thanks so much for joining us and be sure to follow us wherever you get your podcasts.

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