Saks Global said CEO Marc Metrick is stepping down with immediate effect, with Executive Chairman Richard Baker assuming leadership as the company prepares for a potential Chapter 11 bankruptcy filing. A 30-year Saks veteran, Metrick departs after having overseen the 2024 merger with Neiman Marcus, a deal that left the retailer carrying roughly $4.7 billion in debt. The company missed a $100 million interest payment on December 30, triggering discussions with creditors over debtor-in-possession financing. Ongoing payment delays to vendors and weakening sales have further intensified the retailer’s financial pressure.
Metrick’s Sudden Exit
Marc Metrick’s departure marks the end of a long chapter at Saks. Having joined the company in 1996, he went on to oversee some of the most recognisable names in luxury retail, including Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman.
Metrick was also at the helm of the 2024 merger with Neiman Marcus, a deal that reshaped the business into what is now Saks Global. On Monday, the company said he would step down with immediate effect, describing the move as a decision to pursue new opportunities.
During his nearly three decades at the company, Metrick helped steer its digital growth and long-term strategy. His exit comes shortly after The Wall Street Journal reported that Saks is preparing for a potential bankruptcy filing. In a farewell statement, Metrick said he was proud of what the team had achieved. Executive Chairman Richard Baker will now take on the CEO role as well, a leadership shift that underscores the pressure the company faces as it confronts heavy debt and an increasingly uncertain outlook.
Debt Crisis Triggers Bankruptcy Fears
Financial pressure has been building at Saks Global for months. Late last year, the retailer missed a $100 million interest payment tied to loans used to finance its merger with Neiman Marcus, a deal that left the company carrying about $4.7 billion in debt.
As cash tightened, payments to vendors were delayed, shrinking product selection and weighing on sales. A restructuring in June 2025 offered only limited relief, pushing losses onto creditors while adding new senior debt. The strain showed up quickly in the numbers, with second-quarter revenue falling 13 per cent to $1.6 billion.
Now, lenders are in talks over emergency debtor-in-possession financing, and people familiar with the situation say a Chapter 11 filing may be close. Asset sales and short-term funding options are also under review, underscoring how the company’s turnaround plans have struggled to gain traction.
Baker Steps In Amid Uncertainty
Richard Baker is stepping into the spotlight at a critical moment for Saks Global. The founder of NRDC and long-time executive chairman has now taken on the CEO role, becoming responsible for steering the luxury retailer through one of the most difficult periods in its history.
In a statement, Baker said he believes his industry experience positions the company for a “strong and stable future.” Through his real estate firm, he owns much of the property behind Saks’ flagship stores, giving him deep influence over the business well before this transition. He has also pointed to Saks’ relationships across the luxury sector and its skilled workforce as foundations to build on.
Still, the challenges are immediate. Vendor confidence has been shaken, creditors are pressing for solutions, and the company has acknowledged it is considering all options, including bankruptcy. Baker’s elevation offers continuity at the top, but with financial pressures mounting, the path ahead for Saks remains far from clear.
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