Leadership change amid financial pressure
Saks Global has named a new chief executive as the luxury retailer prepares for a potential bankruptcy filing. The privately held parent company of Saks Fifth Avenue announced that executive chairman Richard Baker will assume the role of CEO while continuing to serve as chairman.
The leadership change marks the departure of longtime Saks executive Marc Metrick, who is leaving the company after more than three decades. The company said Metrick is stepping away to pursue new professional opportunities.
Focus on stability and future growth
In a statement, Baker said his priority will be strengthening the company’s financial position and ensuring long-term stability. He emphasized Saks Global’s experience in the luxury sector, its industry relationships, and its workforce as key assets for navigating current challenges.
Baker added that the company remains focused on identifying growth opportunities within the luxury retail market, despite ongoing financial headwinds.
Bankruptcy preparation follows missed debt payment
The leadership change comes as Saks Global is reportedly preparing to file for bankruptcy protection after missing a debt payment tied to its 2024 acquisition of Neiman Marcus. The move would represent a significant step in the company’s effort to restructure its finances.
Saks Global was formed in 2024 when the Hudson’s Bay Company acquired Neiman Marcus in a deal valued at $2.65 billion. The merger combined several luxury retail brands under one umbrella, including Saks Fifth Avenue, Saks Off 5th, Neiman Marcus, and Bergdorf Goodman.
Efforts to shore up finances
Since the acquisition, the company has taken multiple steps to improve liquidity and reduce debt. These efforts include selling the Neiman Marcus flagship store in Beverly Hills and completing a major debt restructuring in August 2025.
Baker brings a strong real estate background to the role, having led large-scale property developments and investment initiatives throughout his career. The company has credited him with playing a central role in the Neiman Marcus acquisition.
