As expected, Saks filed for Chapter 11 bankruptcy protection in a Texas court on Wednesday morning. Hours later, the company’s new C.E.O., Geoffroy van Raemdonck, sent an email to vendors not unlike the one he sent as C.E.O. of Neiman Marcus Group when that company filed in 2020. Essentially, the ever-polite van Raemdonck explained that Saks Global would now enter a restructuring phase in which each business unit—Saks Fifth Avenue, Bergdorf Goodman, Neiman Marcus, Saks Off 5th, Last Call, and Horchow—would continue operating. Vendors would be paid going forward for any bills due after January 13, 2026—the so-called “post-petition obligations.”