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Saks Global said on Friday CEO Marc Metrick has stepped down, naming executive chairman Richard Baker as his successor, amid reports that the luxury retailer is preparing for bankruptcy.
The CEO change comes days after The Wall Street Journal reported that the Neiman Marcus parent company is preparing for bankruptcy after missing an interest payment exceeding $100 million on debt from its Neiman merger.
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.
Incoming CEO Baker is the owner of real estate firm NRDC and has a long track record in retail and property. He previously chaired Retail Opportunity Investments Corp and served as the president of Saks Fifth Avenue Foundation, founded in 2017.
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The company said Metrick stepped down to pursue “new opportunities” and has not provided any further details.
By Sanskriti Shekhar; Editors: Shailesh Kuber and Shreya Biswas
Learn more:
Saks Global Prepares for Bankruptcy After Missing Debt Payment
The retailer is in talks with its creditors to secure financing after missing a debt payment tied to its Neiman Marcus acquisition, as reported by The Wall Street Journal.
