Saks Global reported that its chief executive, Marc Metrick, has stepped down to pursue other opportunities, following the luxury department store group’s missed loan payment and its weighing of a bankruptcy filing.
Richard Baker, executive chairman of Saks Global, has assumed Metrick’s role while continuing to serve as executive chairman of the company.
Saks Global missed an interest payment on its debt last Tuesday, December 30, and is now considering its options, including bankruptcy, according to various reports. The company’s accumulated debt, in large part, stems from Saks Global’s $2.7 billion acquisition of Neiman Marcus Group in late 2024.
Baker, a former real estate executive, previously ran Hudson’s Bay Company and led the formation of Saks Global, the would-be retail empire that includes Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks Off 5th, Last Call, and Horchow.
Baker noted, “I look forward to continuing to work with our highly experienced management team, valued partners and other stakeholders to secure a strong and stable future for our company. Across Saks Global, with our deep industry expertise, well-established relationships within the luxury sector and talented employees, we will strengthen our position so that we can capitalize on the many opportunities we see for our company in the luxury market.”
“After nearly three decades with Saks, I will be stepping down as chief executive officer,” said Metrick, who had run Saks Global since 2015. “I began my career at Saks in 1995 and have had the privilege of serving in many roles across merchandising, marketing and strategy. In 2015, I took over leadership of Saks Fifth Avenue, helping to drive innovation and growth during one of the most dynamic periods in retail history. From building a world-class team to establishing Saks.com as a leading luxury ecommerce platform, I am proud of what we accomplished together. I am deeply grateful to my colleagues, partners and the entire Saks community for their support and collaboration over the years.”
Baker added, “Marc has been a valued leader at Saks for many years, helping to drive significant transformation and growth while solidifying the company’s enduring position in luxury. We thank Marc for his leadership and dedication and wish him continued success in his next chapter.”
Saks Global’s retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce sites.
Image courtesy Saks Beverly Hills
