Executive chair Richard Baker to replace Marc Metrick after company misses $100m interest payment on debt
Saks Global said on Friday that its CEO, Marc Metrick, has stepped down and named executive chair, Richard Baker, as his successor, amid reports that the luxury retailer is preparing for bankruptcy.
The change at the top comes days after the Wall Street Journal reported that the Neiman Marcus parent company is preparing for bankruptcy after missing an interest payment exceeding $100m on debt from its Neiman merger.
Saks Global was created after Saks Fifth Avenue parent Hudson’s Bay Company acquired rival Neiman Marcus, bringing together the two upmarket department store chains to control costs amid uneven demand and better compete with rivals such as Nordstrom, Macy’s and Bloomingdale’s.
Metrick spent nearly 30 years with Saks, heading the luxury portfolio including Saks Fifth Avenue and Neiman Marcus. He led Saks Global since its formation in July 2024 and worked on shaping the firm’s digital transformation and strategy.
