economy
January 3, 2026
Saks Global CEO steps down as luxury retailer reportedly preparing for bankruptcy
Executive chair Richard Baker to replace Marc Metrick after company misses $100m interest payment on debt
TL;DR
- Marc Metrick has stepped down as CEO of Saks Global.
- Richard Baker, executive chair, has been named the new CEO.
- The leadership change comes amid reports that Saks Global is preparing for bankruptcy.
- The company reportedly missed an interest payment exceeding $100 million on debt from its Neiman Marcus merger.
- Saks Global was formed by the acquisition of Neiman Marcus by Saks Fifth Avenue parent Hudson's Bay Company.
- An analyst called the Saks and Neiman Marcus merger a "disaster," noting shifts in luxury shopper behavior.
- Richard Baker has a background in real estate and retail, previously chairing Retail Opportunity Investments Corp.
- Saks Global was reportedly looking to sell a minority stake in Bergdorf Goodman to reduce debt.
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