Low inventory due to unpaid invoices and troubled communications with vendors was a major contributor to Saks Global’s disastrous 2025 and eventual bankruptcy in the early days of 2026.
The company seems to appreciate this. In its Chapter 11 filing last week, Saks Global Chief Restructuring Officer Mark Weinsten told the court that its “ability to generate income is dependent on the ... sale and offering of a carefully curated assortment of third-party and private label merchandise and unique shopping experience.”
“This curated model depends on longstanding partnerships with wholesale merchandise vendors, many of whom are irreplaceable, category-defining brands whose products cannot be substituted without irreparably altering [Saks Global retailers’] value proposition and customer experience,” Weinsten said.
Repairing those relationships and getting goods flowing again will be key to the luxury retailer’s turnaround. On the heels of the filing, newly appointed Saks Global CEO Geoffroy van Raemdonck last week touched base with suppliers, touting the benefits of the bankruptcy process and the strengths of his new team.
“This curated model depends on longstanding partnerships with wholesale merchandise vendors, many of whom are irreplaceable, category-defining brands."
Mark Weinsten
Saks Global Chief Restructuring Officer
In a memo seen by Retail Dive but not verified by the company, van Raemdonck said that current invoices would be paid and past-due invoices would be a priority, but warned the system is bound by bankruptcy rules. Recipients of the memo included smaller vendors, but it’s not clear how many received it. Saks Global didn’t respond to requests for comment.
Despite those constraints, the new leadership and even the bankruptcy itself will be instrumental in setting things right, experts say. But it will take time, and expectations need to be realistic.
Owners of brands who previously told Retail Dive that Saks owed them tens of thousands of dollars or had received only partial payments — including some who had stopped shipping their goods — this week expressed tentative optimism. But these smaller brands could be disappointed by what is a long and drawn out process that favors big-name companies.
“I understand why vendors are cautiously hopeful, but payment on past-due invoices is still ultimately determined through the Chapter 11 process,” said Christina Langbort, director of business development in the U.S. and Europe at financial services company Hilldun. “New leadership helps from a confidence and tone standpoint, but it doesn’t automatically change how pre-petition claims are treated.”
That includes not just van Raemdonck but also executives like Darcy Penick, newly appointed as president and chief commercial officer, and Lana Todorovich, appointed chief of global brand partnerships, according to Langbort. Both previously worked with van Raemdonck when he led Neiman Marcus Group.
As van Raemdonck also noted, payment for goods shipped after the filing is now prioritized, and, going forward, invoices will be paid in the ordinary course of business. Some invoices received by Saks Global just ahead of the filing, within 20 days or so, may be treated similarly, Langbort said by email.
“More broadly, past-due balances tend to be addressed over time rather than immediately,” she said.
In court filings, Saks Global detailed the 30 companies owed the most money — at least tens of millions of dollars — including major luxury firms like Kering, Capri, LVMH and Richemont and upscale brands like Ermenegildo Zegna, Akris, Christian Louboutin and Brunello Cucinelli. Chanel tops the list, owed $136 million. Observers have been surprised to see some of those brands on the list because theoretically they run their own concessions and shouldn’t have to wait to be paid by Saks Global. Tech companies Meta and Google are also in that group.
Late payments to vendors were a major cause of Saks Global's struggles all last year
This is where the change in leadership makes a difference, according to Glenn McMahon, managing partner at MAC Advisory and Consulting. Van Raemdonck, previously CEO of Neiman Marcus Group, was brought on as part of the bankruptcy financing agreement. He took over from Marc Metrick, who spent the past year losing credibility with vendors, starting with a memo in February that many of them found alarming. (Metrick was briefly replaced by Saks Global Executive Chairman Richard Baker in the new year.)
“That top 30 list of vendors to be paid is almost all luxury and Geoffroy has great relationships with them,” McMahon said by phone. “So trust me, Brunello Cucinelli is going to ship to Geoffroy because they believe in him, and they know he's going to come through. Same with Chanel.”
Many smaller vendors won’t be made whole on their paid due amounts, though, McMahon said. That may lead them to set terms like minimum payments before shipment or smaller payment windows, but that can get tricky, he and Langbort said.
“It's up to them if they want to do business with Saks going forward, because Saks may not agree to pay small vendors up front,” he said. They'll pay 50% up front to get Chanel in, but they're not going to pay 50% to get a small brand.”
Still, these brands provide the unique merchandise that helps differentiate Saks Global-owned Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman from each other as well as their outside rivals.
”The market knows Geoffroy van Raemdonck from leading Neiman Marcus through its 2020 restructuring, and the fact that he’s bringing in experienced operators will be meaningful to vendors."
Christina Langbort
Director of Business Development, US & Europe, Hilldun
“That's the reason they bring them in — to attract new customers or to make the assortments look exciting,” he said. “These things are in a process now, and they're long and drawn out and there's no quick solution. We all need these three businesses to survive, and this is the first indication in a year that there's at least an adult in the room. And I say that with respect to Marc and to Richard. The good news is, it's not Geoffroy’s first rodeo.”
Hilldun’s Langbort agrees. Longer term, trusting the process and the people involved could help ensure the survival of these iconic department stores — but there are no promises, these experts said.
“The market knows Geoffroy van Raemdonck from leading Neiman Marcus through its 2020 restructuring, and the fact that he’s bringing in experienced operators will be meaningful to vendors,” Langbort said. “It doesn’t guarantee outcomes, but leadership with that kind of track record can change the tone quickly and make vendors more willing to re-engage on a go-forward basis.”
