A pedestrian walks past the Saks Fifth Avenue Inc. women's store on Brookfield Place in New York, USA.
Allison Joyce | Bloomberg | fake images
Saks Global named a new CEO on Friday as the retailer is reportedly on the verge of filing for bankruptcy.
The privately held parent of department store chain Saks Fifth Avenue will now be led by Richard Baker, the company's chief executive, Saks said in a news release. He will continue to serve as CEO.
With the restructuring, Marc Metrick, a Saks executive for three decades, will leave the company. The news release said Metrick's is leaving “to pursue new opportunities.”
In a statement, Baker said he will work “to ensure a strong and stable future for our company.”
“At Saks Global, with our deep industry experience, 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 company in the luxury market,” he said.
Saks is preparing to file for bankruptcy after defaulting on debt related to its 2024 acquisition of department store chain Neiman Marcus, the Wall Street Journal reported Wednesday, citing people familiar with the matter.
It's the latest twist in the luxury department store operator's effort to regain its financial position. Saks Global was created in 2024 after Saks Fifth Avenue's parent company, Hudson's Bay Company, acquired Neiman Marcus for $2.65 billion. By uniting the two luxury chains, it sought to better compete with other retailers and department stores, including Nordstrom and Macy's-property of Bloomingdale's.
The deal made Saks Global a larger player, including Saks Fifth Avenue, its Saks Off 5th discount chain, Neiman Marcus's eponymous department store chain and Bergdorf Goodman.
However, the company has taken clear steps to raise cash and shore up its finances, including the recent sale of Neiman Marcus' flagship in Beverly Hills and restructuring Saks Global's debt in August 2025.
In his bio on Saks Global's website, the company credited Baker with leading the acquisition of Neiman Marcus and described his strong real estate background. Baker owns National Realty & Development Corporation, one of the largest real estate development companies in the United States, and previously served as chairman of the board of directors of Retail Opportunity Investments Corporation, which he also converted into a Nasdaq-listed real estate investment trust.
