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Story summary
- Saks Global filed for Chapter 11 bankruptcy on January 19, 2026, due to significant debt and declining sales.
- The filing allows a reorganization rather than liquidation.
- Geoffroy van Raemdonck, the former Neiman Marcus chief executive, will lead Saks Global, succeeding Richard Baker.
- Saks Global has secured $1.75 billion to navigate the bankruptcy and aims to honor customer programs and vendor payments, as potential store closures loom.
