economy
January 2, 2026
Saks Global announces new CEO as it reportedly prepares for bankruptcy
The company was created in July 2024 after Hudson's Bay Company acquired Neiman Marcus.
TL;DR
- Saks Global has named Richard Baker as its new CEO.
- Baker, who is also the executive chairman, will lead the company as it reportedly prepares for bankruptcy protection.
- Marc Metrick, a long-time Saks executive, is leaving the company.
- The company missed a debt payment related to its 2024 acquisition of Neiman Marcus.
- Saks Global was formed in 2024 after the acquisition of Neiman Marcus by Hudson's Bay Company.
- The acquisition combined Saks Fifth Avenue, Saks Off 5th, Neiman Marcus, and Bergdorf Goodman.
- Saks Global has previously taken steps to raise cash, including selling a Beverly Hills property and restructuring debt.
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