• Join Puck

    Directly Supporting Authors

    A new economic model in which writers are also partners in the business.

    Personalized Subscriptions

    Customize your settings to receive the newsletters you want from the authors you follow.

    Stay in the Know

    Connect directly with Puck talent through email and exclusive events.

  • What is puck? Newsletters Authors Podcasts Events Gift Puck Careers

The Saks Financial Colonoscopy

Amid a torrent of bankruptcy filings, a blunt declaration by Saks Global’s newly appointed chief restructuring officer lays out precisely what went wrong and when, and who got screwed hardest—plus which risk-hungry investors are likely to call the shots moving forward. As it turns out, the company’s capital structure became “unsustainable” almost immediately after its $2.7 billion acquisition of Neiman Marcus Group in December 2024.

Geoffroy van Raemdonck
A lot depends on whether van Raemdonck and his management team can make Saks Global profitable, at least on the EBITDA line, in 2026. Photo: Matteo Prandoni/BFA.com
William D. Cohan
January 21, 2026

Join Puck to listen to this article

One week after Saks Global filed for bankruptcy, a picture is emerging of how the American department store conglomerate—a luxury retail behemoth encompassing Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman—collapsed so quickly. Until recently, most of its financial information was private: With the exception of Saks Global’s debt, which was publicly traded, the company was not required to make any public filings with the S.E.C. Now, as part of the bankruptcy docket, hundreds of filings—more than 350 already—are shedding light on the financial difficulties that Saks experienced throughout 2025, starting just months after its $2.7 billion acquisition of Neiman Marcus Group. One document, in particular, stands out.