A significant leadership change has been announced at Saks Global as the high-end retailer seemingly edges closer to filing for bankruptcy protection. The company, which oversees the well-known Saks Fifth Avenue chain, has appointed Richard Baker as its new CEO, who will continue in his role as executive chairman.
This development follows the departure of Marc Metrick, a long-time executive at Saks, who has been with the company for three decades. In a statement, Saks indicated that Metrick is leaving to pursue new opportunities, but did not elaborate further.
Baker emphasized his commitment to ensuring a “strong and stable future” for the company in his statement. He highlighted the retailer’s industry expertise, relationships within the luxury market, and talented workforce as vital components to capitalize on upcoming opportunities.
The news comes amid reports that Saks is preparing to file for bankruptcy after missing a critical debt payment linked to its 2024 purchase of Neiman Marcus. Sources familiar with the situation indicated that the Wall Street Journal broke the story of the impending bankruptcy filing. This move marks another chapter in Saks Global’s ongoing struggle to solidify its financial standing.
In 2024, Saks Global was formed following the acquisition of Neiman Marcus by Hudson’s Bay Company for approximately $2.65 billion. This merger aimed to enhance competitiveness against other major retailers, such as Nordstrom and Macy’s-owned Bloomingdale’s. The consolidation was expected to create a more robust luxury retail presence, combining not only Saks Fifth Avenue but also its off-price chain Saks Off 5th and other high-profile entities like Bergdorf Goodman.
However, the newly formed entity has already taken several measures to bolster its finances. This includes the recent sale of Neiman Marcus’ flagship store in Beverly Hills, along with debt restructuring efforts initiated in August 2025.
Richard Baker’s leadership is already being credited with spearheading the Neiman Marcus acquisition and is noted for his significant background in real estate. He is the owner of National Realty & Development Corporation, one of the largest real estate development firms in the U.S., and has served as the chair of the board for Retail Opportunity Investments Corporation, which he transformed into a publicly traded real estate investment trust.
The upcoming transitions and the potential bankruptcy filing underscore the challenges facing luxury department stores as they navigate a complex retail landscape.
