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Leadership Shake-Up at Saks Global

Saks Global announced on Friday that Richard Baker, previously the company’s executive chairman, will assume the role of CEO while retaining his chairman responsibilities. The move comes as the luxury retail operator reportedly prepares to file for bankruptcy after missing a key debt payment linked to its 2024 acquisition of Neiman Marcus.

Longtime Saks executive Marc Metrick, who had been with the company for roughly 30 years, will depart. The company described Metrick’s exit as a transition “to pursue new opportunities.” Baker emphasized that his focus will be on ensuring “a strong and stable future” for Saks Global, leveraging the company’s industry expertise and deep connections in the luxury sector.

Financial Strains and Bankruptcy Risks

Saks Global, formed in 2024 following Hudson’s Bay Co.’s $2.65 billion acquisition of Neiman Marcus, has been attempting to consolidate its luxury assets, including Saks Fifth Avenue, Saks Off 5th, Neiman Marcus, and Bergdorf Goodman. The merger aimed to strengthen the company’s position against rivals such as Nordstrom and Macy’s-owned Bloomingdale’s.

Despite these efforts, financial pressures have mounted. The missed debt payment, reported by the Wall Street Journal, highlights ongoing liquidity challenges. Analysts note that Saks Global’s debt load, combined with operational costs of running multiple high-end department stores, has created a precarious financial situation.

Steps to Stabilize the Business

Saks Global has taken several measures to improve its cash flow and shore up finances. These include the sale of Neiman Marcus’ Beverly Hills flagship property and a debt restructuring initiative completed in August 2025. Baker, who has a robust background in real estate and investment, played a central role in the acquisition of Neiman Marcus and in managing the company’s portfolio of retail and real estate assets.

Baker’s experience includes ownership of National Realty & Development Corp., one of the largest U.S. real estate developers, and prior leadership as chairman of Retail Opportunity Investments Corp., which he converted into a Nasdaq-listed real estate investment trust.

Outlook for the Luxury Retailer

With the leadership change, Saks Global aims to stabilize operations and position itself to capitalize on opportunities in the luxury market, according to Baker. However, industry observers note that potential bankruptcy proceedings could reshape the company’s structure, impact employees, and influence its competitive stance in the U.S. luxury retail sector.

The next steps for Saks Global will likely focus on restructuring debt, managing real estate holdings, and sustaining revenue from its high-end stores while navigating ongoing economic pressures in the retail industry.