Saks Global, on the brink of bankruptcy, changes leadership

The American giant, heavily in debt following the merger of department store chains Saks and Neiman Marcus, is reportedly considering several scenarios, including bankruptcy proceedings, to get back on track. Richard Baker, its current Executive Chairman, is taking over as CEO from Marc Metric, who has resigned.

It’s a rough patch for the world’s largest multi-brand luxury retailer, Saks Global.

The American group, which includes the Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call, and Horchow brands, announced on Friday, January 2, the resignation of its CEO, Marc Metrick, after nearly 30 years with the group. He is being replaced by Richard Baker, the executive chairman, who will continue in that role.

A retail and real estate expert at the helm

“This transition reflects Mr. Metrick’s desire to pursue new opportunities,” the group said, noting that Marc Metrick had been at the helm of Saks Global since its creation in July 2024.

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