Saks Global Reveals Top 30 Unsecured Creditors, Chanel Hit Hardest in Bankruptcy

Now that Saks Global has finally filed for bankruptcy, the fashion industry can start the process of moving on. 

After a year and more of promises that the retailer will make good on its past-due bills, it’s now up to a federal bankruptcy judge in Texas to decide just which unsecured creditors get what. Given all the debt in the bankruptcy — Saks Global took on $2.2 billion in bonds to buy Neiman Marcus Group in 2024 — unsecured creditors like vendors are expected to see only a small portion of what they’re owed.

For some, it will be an existential moment. Smaller designers that are owed money by Saks Global are already cutting bonuses for their employees, laying off workers or, in the extreme, preparing to file for bankruptcy themselves, according to sources. 

But even though it was believed that most of the larger brands were more insulated from the impact of a filing, the top unsecured creditors include many of the top brands in fashion. 

Chanel is by far the hardest hit, with a $136 million claim against Saks Global. 

Kering is owed $59.9 million, while Rosen-X is owed $41.4 million and Capri Holdings is owed $33.3 million.

The retailer is now resetting and looking to get spring goods flowing into its operations under the guidance of its new chief executive officer Geoffroy van Raemdonck, who successfully led Neiman Marcus Group through bankruptcy in 2020.

Many designer brands caught up in the bankruptcy did not want to comment on Wednesday, but at least some were starting to look on the bright side.

Ermenegildo Zegna Group, which is owed $26.3 million, said: “Saks Global — through its three iconic department stores, Saks Fifth Avenue, Bergdorf Goodman, and Neiman Marcus — has long been a key strategic partner for the luxury sector and for the Ermenegildo Zegna Group’s three brands: Zegna, Tom Ford Fashion and Thom Browne. We expect that, following these challenging moments and under the vision and leadership of its new management team, Saks Global will emerge stronger and continue to be a core partner for the sector and for our brands in the U.S. market.”

At Brunello Cucinelli, which is owed $21.3 million, there was also an eye toward the future and a glass-half-full attitude. 

Executive chairman and creative director Brunello Cucinelli said: “It is with great pleasure that we learned this morning that our most esteemed Geoffroy van Raemdonck has been appointed chief executive officer of Saks Global. … We view Saks Global as one of the most beautiful luxury department stores in the world, with which we enjoy a 30-year relationship. We firmly believe that Geoffroy, together with his entire team, beginning with Lana Todorovich — from whose hands I received the prestigious ‘Neiman Marcus Award’ in 2023 in Paris — will be able to guide this storied department store with great distinction. 

“We wish to express our great confidence for the future of Saks Global, and to reaffirm how deeply we believe in multibrand retailers who, after having viewed the collection and clearly expressed their own feedback — to which we pay very close attention — we in some way consider to be ‘the guardians of our brand,’” Cucinelli said.