Saks Executive Chairman Becomes CEO Amid Retailer’s Potential Bankruptcy

Saks Global Executive Chairman Richard Baker has assumed the additional role of CEO amid reports that the luxury retail company is considering bankruptcy.

Baker succeeds Marc Metrick, who had been CEO since 2015 and stepped down to pursue new opportunities, Saks Global said in a Friday (Jan. 2) press release.

Baker will oversee Saks Global’s luxury retail operations, which include Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow, and will work with the management team to advance the company’s transformation, according to the release.

“Across Saks Global, with our deep industry expertise, well-established relationships within the luxury sector and talent employees, we will strengthen our position so that we can capitalize on the many opportunities we see for our company in the luxury market,” Baker said.

Baker thanked Metrick on behalf of the board for “helping to drive significant transformation and growth while solidifying the company’s enduring position in luxury.”

Metrick said in the release that he led Saks Global during a dynamic period in the retail industry and appreciated the support of everyone at the company.

“From building a world-class team to establishing Saks.com as a leading luxury eCommerce platform, I am proud of what we accomplished together,” Metrick said.

It was reported Dec. 22 that Saks Global is considering bankruptcy while facing a $100 million-plus debt payment. The firm is also mulling other ways to boost liquidity, such as raising emergency funding or selling off assets, according to the Bloomberg report.

Saks Global raised billions of dollars in 2024 to fund its turnaround effort, which included the purchase of NMG, the parent company of Neiman Marcus and Bergdorf Goodman, but the deal placed the struggling retailer deeper in debt.

A Saks Global spokesperson told Bloomberg, per the Dec. 22 report: “Together with our key financial stakeholders, we are exploring all potential paths to secure a strong and stable future for Saks Global and advance our transformation while delivering exceptional products, elevated experiences and personalized service to our customers.”

It was reported in August that Saks Global was facing overdue invoices from vendors and had not yet followed through on payments that had been set to resume during the previous months.