Factbox-What Saks Global's bankruptcy filing reveals about its assets, creditors, financing

Jan 14 (Reuters) - High-end section store conglomerate Saks Global filed for bankruptcy extortion precocious connected Tuesday, hardly a twelvemonth aft a woody that aimed to make a luxury ​powerhouse.

One of the largest retail collapses since the pandemic, the improvement casts uncertainty implicit ‌the aboriginal of U.S. luxury fashion.

Here are immoderate cardinal details of Saks' Chapter 11 tribunal filing listed below:

ASSETS AND LIABILITIES:

Saks ‌Global listed its estimated assets and liabilities successful the scope of $1 cardinal to $10 billion, according to documents filed successful the U.S. Bankruptcy Court successful Houston, Texas.

The retailer had astir $3.4 cardinal successful funded indebtedness obligations earlier the filing, including word indebtedness recognition agreements and notes issued, with a $275 cardinal indebtedness related to ⁠the Neiman Marcus acquisition acceptable ‌to mature successful February, according to a tribunal filing.

The retailer, successful the filing, said it operates astir 70 full-line luxury locations, and owns oregon has crushed ‍leases connected astir 8.4 cardinal quadrate feet of U.S. existent property holdings and investments.

KEY LUXURY UNSECURED CREDITORS:

The institution estimated its fig of creditors to beryllium betwixt 10,001 and 25,000. It includes respective luxury brands, led by ​Chanel with astir $136 million, followed by Gucci proprietor Kering with $60 million.

The world's biggest luxury conglomerate, LVMH, ‌was listed arsenic an unsecured creditor astatine $26 million.

Its 30 largest creditors, who person unsecured claims and are not insiders, are collectively owed astir $712 million, the institution said successful the filing.

NEW FINANCING:

Saks volition person $1 cardinal instantly successful currency done a debtor-in-possession indebtedness from an capitalist group, the institution said.

In total, the institution said it has secured a financing committedness of astir $1.75 billion, including $1.5 cardinal from an ⁠ad-hoc radical of elder secured bondholders and the remainder ​through its asset-based lenders.

LEADERSHIP CHANGE:

Van Raemdonck, erstwhile Chief Executive of ​Neiman Marcus Group earlier the Saks Global acquisition successful 2024, has replaced Richard Baker, who stepped down effectual Tuesday.

Van Raemdonck volition articulation alongside Chief Financial Officer Brandy ‍Richardson, who held the ⁠same relation during his clip astatine Neiman Marcus, arsenic per the company.

TOTAL EMPLOYEES:

Saks Global had astir 16,830 employees, with astir 87% of them full-time, the filing said. 22% of the ⁠total workforce is salaried, and the remainder are hourly employees.

The institution has sought tribunal support to wage astir $140 cardinal ‌in compensation and benefits owed to its employees.

(Reporting by Angela Christy M and Neil ‌J Kanatt successful Bengaluru; Editing by Sriraj Kalluvila)