Saks Global has named Executive Chairman Richard Baker as its new CEO, replacing long-time leader Marc Metrick, who is stepping down to pursue new opportunities. The change at the top comes as the Wall Street Journal and other media outlets report that Saks Global could file for bankruptcy protection “within days” after missing an interest payment on the debt the retailer took on to buy the Neiman Marcus Group.
Since the $2.7 billion acquisition, which was finalized in December 2024, Saks Global has struggled to pay vendors, according to the WSJ, resulting in weaker merchandise offerings and sales. The newspaper also has reported that the company is currently in talks with creditors about financing the Chapter 11 process. In July 2025 Saks Global, which also includes the Bergdorf Goodman and Saks OFF 5TH brands, received $600 million in financing from a majority of its existing bondholders.
In a statement, Metrick said: “I began my career at Saks in 1995 and have had the privilege of serving in many roles across merchandising, marketing and strategy. In 2015, I took over the leadership of Saks Fifth Avenue, helping to drive innovation and growth during one of the most dynamic periods in retail history.”
“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,” said Baker in a statement.
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