Former Neiman Marcus CEO to get hefty signing – Business News
The proprietor of Saks and Neiman Marcus was anticipated to file for chapter early Wednesday — and is poised to hand the previous CEO of Neiman Marcus a large signing bonus to supervise the luxurious giant’s reorganization, The Post has discovered.
Pentwater Capital Management and Bracebridge Capital have beat out bond-trading giant Pimco with a $1.75 billion debtor-in-possession loan to keep Saks Global afloat during a Chapter 11 submitting, a source with information of the state of affairs instructed The Post.
Pimco was a co-owner of Neiman Marcus and Bergdorf Goodman when the retailers have been offered to Saks in a blockbuster $2.6 billion deal in 2024.
Geoffroy van Raemdonck led Neiman Marcus for practically seven years and left the company in 2024. Max Lakner/BFA.com
Geoffroy van Raemdonck, who led Neiman Marcus for practically seven years and left the company in 2024 when it was acquired by Saks, has been tapped to steer the retail behemoth by its restructuring, sources mentioned.
The Belgian-born government is returning with two of his trusted deputies – Darcy Penick, former president of Bergdorf Goodman and Lana Todorovich, former chief merchandising officer of Neiman Marcus during van Raemdonck’s tenure, a source with information of the state of affairs instructed The Post.
Van Raemdonck on Tuesday was poised to obtain a signing bonus price $7 million, whereas Penick and Todorovich have been in line to share an extra $3 million in bonus money to be a part of the company, sources mentioned. The bonuses have been authorised by Saks Global’s new impartial board members and have been being paid upfront of the submitting, the source mentioned.
Van Raemdonck succeeds real estate mogul Richard Baker, who stepped down on Tuesday as CEO of Saks Global. Baker, who created the world’s largest luxurious retailer in 2024 by merging Saks with Neiman and Bergdorf, took over as CEO two weeks earlier after Marc Metrick stepped down amid the company’s financial struggles.
Van Raemdonck succeeds real estate mogul Richard Baker, who stepped down on Tuesday Joe Schildhorn/BFA.com / Shutterstock
Van Raemdonck led Neiman Marcus by a five-month chapter during the pandemic. He was seen by some veteran executives of the Dallas-based retailer as an outsider and irked staffers as he slashed jobs and advantages for the rank in file whereas reaping fats bonuses for himself and different prime executives.
Van Raemdonck couldn’t be reached for remark. Penick and Todorovich didn’t instantly return requires remark.
Pentwater Capital Management and Bracebridge Capital have beat out bond-trading giant Pimco with a $1.75 billion debtor-in-possession loan to keep Saks Global afloat during a Chapter 11 submitting, a source mentioned. AFP by way of Getty Images
Pentwater Capital CEO Matthew Halbower — a Florida-based hedge fund supervisor who, as reported by The Post in 2022, made a bundle off Elon Musk’s deal to buy Twitter, whilst his home acquired ravaged by Hurricane Ian — declined to touch upon Tuesday.
Boston-based Bainbridge didn’t return calls in search of remark.
