Stubbs Alderton & Markiles Partner Mark Brutzkus, Chair of the firm’s Consumer Products Practice, was recently featured in Women’s Wear Daily, offering insights into the operational processes Saks Fifth Avenue will utilize to rebuild and reorganize following its Chapter 11 filing. In mid-January 2026, Saks filed for bankruptcy, a significant luxury retail sector event. Saks will navigate numerous complex operational changes and optics as they seek to emerge from bankruptcy. The reorganization will be led by newly appointed CEO Geoffroy van Raemdonck, after its previous CEO, Richard Baker, stepped down as Saks prepared for the filing.
Mark said, “They’re going to really look at and close underperforming stores, and they’re going to try to come up with some type of model that’s really a slimmed-down model that works financially for them.” Additionally, he notes that they are highly likely to lay off “a significant number of people” as part of the restructuring process.
Mark continues to share with WWD that the creditors of Saks will be meeting to question the reorganization plans in the near future. Mark states, “There’ll be a meeting of creditors that’ll probably be coming up within the next 30 to 45 days,” and during those conversations, “The creditors will be given an opportunity to question [Saks Global] in terms of what their plans of reorganization are going to be.”
