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Saks Global Enterprises’ chief executive officer Richard Baker is departing less than two weeks after taking over the top job as the beleaguered luxury conglomerate he created prepares to restructure under bankruptcy court protection.
Baker, who has been CEO and also executive chairman of the department store chain, had been finalising his exit over the past few days, according to people familiar with the situation who asked not to be identified because the move hasn’t been announced yet.
Geoffroy van Raemdonck, currently a board member of Moncler SpA, is currently negotiating for a role at the company, according to people familiar with the matter.
Founded more than 150 years ago, Saks is close to filing for Chapter 11 bankruptcy protection, according to the people, to address mounting losses and a substantial debt load.
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Saks, Baker and van Raemdonck didn’t immediately respond to requests for comment.
Van Raemdonck was CEO of Neiman Marcus Group from 2018 until 2024. He saw the luxury retailer through a pandemic-era bankruptcy and then its emergence and subsequent recovery. He stepped down when Saks acquired it.
Saks’ debt has weighed on the company, which operates its flagship Saks Fifth Avenue stores as well as Bergdorf Goodman and Neiman Marcus.
Baker, a longtime real estate investor, was announced as the company’s new CEO on Jan. 2, succeeding Marc Metrick.
Baker was chairman of Hudson’s Bay Co. when it bought Saks Fifth Avenue in 2013 and was the key architect of Saks’ acquisition of rival Neiman Marcus Group for $2.65 billion in 2024, creating Saks Global.
By Reshmi Basu, Jeannette Neumann and Eliza Ronalds-Hannon
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