Saks Global, the parent company behind the 159-year-old department store that’s become both a destination and a symbol for luxury fashion, filed for Chapter 11 bankruptcy protection on Wednesday after an unsustainable debt pile crushed its business.
The company also announced former Neiman Marcus CEO Geoffroy van Raemdonck will immediately take over as chief executive, replacing Richard Baker. He had been in the job for just two weeks, but had been involved with Saks since Hudson’s Bay acquired it in 2013 when he was CEO of the Canadian department store.
With van Raemdonck comes a revamped senior leadership team stacked with veterans from Neiman Marcus, which Saks Global acquired in 2024. Darcy Penick, who served as the president of…