Saks Global named a new CEO on Friday as the retailer is reportedly on the cusp of filing for bankruptcy protection.
The parent of high-end department store chain Saks Fifth Avenue, which is privately held, will now be led by Richard Baker, the company’s executive chairman, Saks said in a news release. He will continue to hold the executive chairman role.
With the shakeup, three-decade long Saks executive Marc Metrick will leave the company. The news release said Metrick’s is departing “to pursue new opportunities.”
In a statement, Baker said he will work “to secure a strong and stable future for our company.”
“Across Saks Global, with our deep industry expertise, well-established relationships within the luxury sector, and talented employees, we will strengthen our position so that we can capitalize on the many opportunities we see for our company in the luxury market,” he said.
