Saks Global is nearing bankruptcy, with a filing expected midweek. Richard Baker, executive chairman, and Ian Putnam, president, are leaving the company. Former Neiman Marcus CEO Geoffroy van Raemdonck is a potential contender for CEO, known for successfully navigating Neiman’s through bankruptcy and the pandemic.

Pentwater Capital Management, led by Matt Halbower, is a key part of Saks Global’s financing package. The retailer secured $250 million in asset-based lending and $1 billion in debtor-in-possession financing. Vendors are owed $800 million, with critical brands potentially being paid in full under a go-forward plan.

The bankruptcy will allow Saks Global to close non-productive stores, with at least 20 Saks Fifth Avenue and Neiman Marcus locations identified for closure. Rumors of bankruptcy have been circling the company since it acquired Neiman Marcus Group. Saks Global missed a $100 million interest payment on Dec. 30, sparking concerns.

Read more at Yahoo Finance: Richard Baker Exiting Saks Global as Bankruptcy Looms: Sources