Saks Global’s race to the courthouse has come down to the wire.
The fashion industry has been on pins and needles waiting for the parent of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman to file for bankruptcy. One vendor bracing to take a hit from the filing complained, “Hurry up and rip the Band-aid off already.”
But there have been a few key questions to answer before a filing. For starters: Who is going to be accompanying the retailer to bankruptcy court?
The pressure is on because vendors are said to not be shipping new goods to Saks Global, choking off sales to a business that so desperately needs them and just when spring 2026 collections are due to hit the floor. If the log jam doesn’t break soon, the retailer won’t have goods to sell and vendors will have to figure out what to do with their already-made inventory.
WWD reported on Saturday that Richard Baker was exiting as chief executive officer, according to sources, who also said that Pentwater Capital Management, potential funders of a Saks Global bankruptcy, were in talks with former Neiman Marcus Group CEO Geoffroy van Raemdonck. Baker has been in the post for less than two weeks, having taken the reins from Marc Metrick shortly after the company missed a $100 million interest payment on Dec. 30.
Baker has been the driving force behind the company having bought Saks in 2013 and then, just over a year ago, adding Neiman Marcus Group in a $2.7 billion deal that ultimately saddled the retailer with much too much debt.
WWD also reported on Saturday that van Raemdonck was negotiating to take the top job.
Bloomberg — on Tuesday — reported that Baker is out and van Raemdonck was in talks with the retailer, as did The Wall Street Journal. And Reuters reported that a group of bondholders led by Pentwater Capital Management and Bracebridge Capital were close to finalizing $1.75 billion in financing.
Saks Global did not respond to a request for comment immediately.
Sources say that van Raemdonck has been working in conjunction with Pentwater and looking to get to work at Saks Global right away, if an employment agreement is ultimately reached. The Wall Street Journal said van Raemdonck could bring along with him two former senior Neiman’s executives.
As reported, van Raemdonck stepping in is seen as a major way for the company to ease vendor concerns and have them begin shipping spring collections.
The bondholders have an edge in the process as they already have a big investment in the company and can roll their debt over into equity as part of the restructuring.
If it’s the bondholders who take the company into bankruptcy, Matt Halbower, founder, CEO and chief investment officer of Pentwater, is in prime position to put his mark on the company.
Pentwater manages over $3 billion in assets, specializing in distressed securities around the world.
According to his bio, Halbower’s been in the investment industry for more than 18 years, and has a record of delivering healthy net returns to investors. He previously was a portfolio manager of Deephaven Capital Management, and Citadel Investment Corp. He graduated with a B.S. in electrical engineering from the Massachusetts Institute of Technology in 1991 and a J.D. from Harvard Law School in 1994. He lives in Naples, Fla., where Pentwater is based.
But there has also been another party looking to hold Saks Global’s hand though the process. Investment giant Pimco, which sold Neiman Marcus to Saks Global, is said to have been negotiating a bankruptcy financing package.
Baker also is said to have remained active behind the scenes over the past few days, putting out calls out to a number of luxury veterans to see if they’d want to steer Saks Global through bankruptcy.
Baker is said to have reached out to numerous veterans of Saks, Neiman’s and Bergdorf’s, including Jim Gold and Joshua Schulman, about taking the top job. Vince Holding Corp.’s Brendan Hoffman is also said to have received an inquiry. WWD could not immediately confirm those calls.
But according to the lawyers, bankers and industry veterans who have been watching, fielding last-second job offers and, in some cases, participating behind the scenes, the next chapter for Saks Global — and luxury department store retailing — is about to begin.
