For the second time in his career, luxury executive Geoffroy van Raemdonck has been tasked with fixing an iconic department store company brought low by financial engineering. In 2018, he was hired to fix Neiman Marcus Group, which was struggling to to keep up with shifting consumer trends and unprofitable under the weight of heavy debt from years of private equity ownership.
This time, the job is twice as big. On Tuesday, Van Raemdonck was appointed CEO of Saks Global, the same day as the luxury department store giant, which includes Neiman Marcus Group (and its Bergdorf Goodman division) and Saks Fifth Avenue, filed for Chapter 11 bankruptcy protection.
Saks Global is the result of a $2.7 billion deal in 2024 masterminded by real estate scion Richard Baker—one that failed spectacularly because of the confluence of slumping sales and sky-high debt, leaving in its wake angry vendors, empty shelves, and AWOL consumers.
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