The Tamesis
Still, some brands are concerned. The 30 most owed companies owe amounts ranging from $9 million (Vince) to $136 million (Chanel). But the biggest losers are smaller brands owed tens or hundreds of thousands in unpaid payments. These independent emerging brands – many of which rely on Saks Global retailers to shore up their businesses – have been lower on the company’s priority list over the past year. Now, designers are wondering what position they will take as Saks begins to restructure its operations and pay suppliers. “I know they have to prioritize Kering around the world,” said an independent New York designer who still owes Saks a payment as of July 2025. “What they owe us is a lot of money to us.”
Still, few in the industry want to see the three major U.S. retailers go out of business. As the company begins to restructure, what’s next for Saks Global? What does this mean for brands that rely on U.S. multi-brand retail monopolies?
Next steps
Experts and analysts agree that filing for bankruptcy may be the best outcome for Saks Global right now. But they cautioned that the $1.7 billion in financing was not an automatic fix. “This money is like a Band-Aid for companies and doesn’t allow them to build a permanent stable foundation,” said Neil Saunders, managing director of U.S. retail at Globaldata.
Now, Sachs must reduce its debt load. The company may sell underperforming stores, which would mean layoffs, and some analysts expect it may also sell Bergdorf Goodman, or at least a minority stake, as previously reported. In the meantime, Saks needs to repair supplier relationships by restoring payments in order to get its shelves back on shelves and attract customers.
Brand founders and analysts are optimistic about what multiple sources describe as “old and new leadership” at Saks, who have existing relationships with many of the brands. Sarah Foss, global head of legal at financial advisory firm Debtwire, said the market will like the move given van Raemdonck’s successful handling of the Neiman Marcus bankruptcy case in 2020. Wasner agreed the team was “a joy to work with.”
Brunello Cucinelli, who created an exclusive capsule collection for Neiman Marcus in 2022, said in a statement that he is confident in the future of Saks Global under van Raemdonck. “We consider Geoffroy and his entire team to be distinguished individuals with good taste, deep fashion knowledge and the highest professionalism, and we are very excited to have meaningful discussions and exchanges with them about product, lifestyle, visual merchandising and everything surrounding the collection and how it is presented,” he said. Designer Ronny Kobo said she has known Penick for years and trusts her completely.
It’s the new leadership team that gives Lipps confidence in resuming shipments. He said they understand the luxury consumer. “I’ve been hinting for a month that this team would be back – but I didn’t believe in this performance,” he said, recalling van Remdonk’s Neiman transformation. “He’s really reinvigorated Neiman Marcus. Customers want to come to the store again. They want to shop again for the experience, the learning, access to the designers and exposure to the items. I really believe he can do that again.”
