Some brands, though, are still worried. The 30 companies owed the most are owed between $9 million (Vince) and $136 million (Chanel). But it’s the smaller brands, with outstanding payments in the tens or hundreds of thousands, who stand to lose the most. These independent and emerging brands — many of whom rely on Saks Global retailers to prop up their businesses — have been low on the company’s list of priorities over the past year. Now, designers are wondering where they will stand as Saks begins to restructure its operations and pay vendors. “I know they have to prioritize the Kerings of the world,” says one independent New York designer, who is still owed payment from Saks from July 2025. “What they owe us; it’s such a big amount of money for us.”
Still, few in the industry want to see three of the US’s key retailers fail. What will Saks Global’s next steps look like as the company embarks on its restructuring, and what will it mean for the brands that rely on the US multibrand retail monopoly?
Next steps
Experts and analysts agree that the bankruptcy filing was likely the best possible outcome for Saks Global at this point. But they caution that the $1.7 billion in financing is not an automatic fix. “The money is very much a band-aid for the company, and it does not put them on a permanent stable footing,” says Neil Saunders, managing director of Globaldata’s US retail division.
Now, Saks must reduce its debt load. It is likely to sell off underperforming stores, which will mean job cuts, and some analysts anticipate it could also sell off Bergdorf Goodman, or at least a minority stake, as previously reported. Simultaneously, Saks needs to repair vendor relationships by resuming payments in order to restock shelves and bring customers back.
Both brand founders and analysts are optimistic about what multiple sources described as Saks’s “new-old leadership”, who have existing relationships with many brands. The market will like the move, given van Raemdonck’s successful handling of Neiman Marcus’s own bankruptcy in 2020, says Sarah Foss, global head of legal at financial consultancy Debtwire. Wassner agrees that the team is “great to work with”.
Brunello Cucinelli, who created an exclusive capsule for Neiman Marcus in 2022, said in a statement that he is confident in the future of Saks Global under van Raemdonck. “We regard Geoffroy and his whole team as honorable individuals of great taste, profound knowledge of style and the highest professionalism, with whom it is a true pleasure to engage in meaningful discussion and exchange on the product, on lifestyle, on visual merchandising and on everything that revolves around the collection and its manner of presentation,” he said. Designer Ronny Kobo says she’s known Penick for years and trusts her implicitly.
It’s the new leadership team that made Lippes confident in resuming shipments. They understand the luxury consumer, he says. “I’ve been manifesting for a month that this team would come back — and I don’t believe in manifesting,” he says, recalling van Raemdonck’s Neiman turnaround. “He really brought that sparkle back to Neiman Marcus. Customers wanted to be in the store again. They wanted to be shopping again through experiences, through learning, access to designers, and access to things. I really believe he can do that again.”