Saks Global announced Friday that CEO Marc Metrick stepped down effective immediately, with Executive Chairman Richard Baker assuming the CEO role while continuing as executive chairman.
The leadership change came days after the Wall Street Journal reported the luxury retailer missed an interest payment exceeding $100 million on debt from its Neiman Marcus acquisition that was due December 30. The company is reportedly preparing for a potential Chapter 11 bankruptcy filing after the missed payment triggered a 30-day grace period. Metrick spent nearly 30 years with Saks, joining in 1995 and serving in roles across merchandising, marketing, and strategy before taking over leadership of Saks Fifth Avenue in 2015.
The company stated his departure reflects his desire to pursue new opportunities. Baker, owner of real estate firm NRDC with extensive retail and property experience, previously served as president of Saks Fifth Avenue Foundation founded in 2017. Saks Global was created in 2024 when Saks Fifth Avenue parent Hudson's Bay Company acquired Neiman Marcus for $2.65 billion, bringing together the luxury department store chains to control costs and compete with Nordstrom and Macy's Bloomingdale's.
The combined entity operates Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call, and Horchow with 70 full-line luxury locations and five e-commerce platforms. The company completed a $600 million notes offering in August 2025 to bolster liquidity following the Neiman Marcus acquisition, and in September 2025, Reuters reported the company was seeking to sell a minority stake in Bergdorf Goodman to reduce debt. The retailer has faced diminishing sales, unpaid vendors, and ballooning debt throughout 2025 amid contracting global luxury goods sales, expected to decline for the second consecutive year in 2026.
Comments