A pedestrian walks past the Saks Fifth Avenue Inc. women’s store at Brookfield Place in New York, USA
Allison Joyce | Bloomberg | Getty Images
Saks Global named a new CEO on Friday as the retailer is reportedly set to file for bankruptcy protection.
The privately held parent company of the upscale department store chain Saks Fifth Avenue will now be led by Richard Baker, executive chairman of the company, Saks said in a press release. He will retain the role of executive chairman.
With this shakeup, Marc Metrick, Saks’ leader for three decades, will leave the company. The press release states that Metrick’s is leaving “to pursue new opportunities.”
In a statement, Baker said he would work “to ensure a strong and stable future for our company.”
“At Saks Global, with our deep industry expertise, well-established relationships within the luxury sector and talented employees, we will strengthen our position to be able to capitalize on the many opportunities we see for our business in the luxury market,” he said.
Saks is preparing to file for bankruptcy after missing a debt payment related to its 2024 acquisition of department store chain Neiman Marcus, the Wall Street Journal reported Wednesday, citing people familiar with the matter.
This is the latest twist in the luxury department store operator’s efforts to regain its financial footing. Saks Global was formed in 2024 after Saks Fifth Avenue’s parent company, Hudson’s Bay Company, acquired Neiman Marcus for $2.65 billion. By marrying the two luxury chains, it sought to better compete with other retailers and department stores, including Nordstrom and Macy’sowned by Bloomingdale’s.
The deal made Saks Global a larger player, which included Saks Fifth Avenue, its off-price chain Saks Off 5th, Neiman Marcus’ eponymous department store chain and Bergdorf Goodman.
Still, the company has taken clear steps to raise cash and shore up its finances, including the recent sale of Neiman Marcus’ Beverly Hills flagship and the August 2025 restructuring of Saks Global’s debt.
In its biography posted on Saks Global’s website, the company thanked Baker for leading the acquisition of Neiman Marcus and described his strong background in real estate. Baker is the owner of National Realty & Development Corporation, one of the largest real estate development companies in the United States, and he previously served as chairman of the board of Retail Opportunity Investments Corporation, which he also transformed into a Nasdaq-listed real estate investment trust.