Saks Global CEO steps down as luxury retailer reportedly preparing for bankruptcy | US news
Saks Global announced Friday that its CEO, Marc Metrick, had resigned and named its executive chairman, Richard Baker, to succeed him, amid reports that the luxury retailer was preparing for bankruptcy.
The change at the top comes days after The Wall Street Journal reported that Neiman Marcus’ parent company was preparing for bankruptcy after missing interest payments exceeding $100 million on debt resulting from its merger with Neiman.
Saks Global was formed after Saks Fifth Avenue’s parent company, Hudson’s Bay Company, acquired rival Neiman Marcus, bringing the two high-end department store chains together to control costs amid uneven demand and better compete with rivals such as Nordstrom, Macy’s and Bloomingdale’s.
Metrick spent nearly 30 years at Saks, leading the luxury portfolio including Saks Fifth Avenue and Neiman Marcus. He has led Saks Global since its inception in July 2024 and worked to develop the company’s digital transformation and strategy.
“The Saks and Neiman Marcus merger was a disaster,” said David Swartz, department store analyst at Morningstar, adding that luxury shoppers are turning to Bloomingdale’s, Nordstrom and name-brand stores. “The entire multi-brand luxury sector has been in difficulty for years. »
Products at Saks Fifth Avenue range from about $60 for ribbed cotton tank dresses to nearly $20,000 for designer dresses, with handbags typically priced between $100 and $38,280, according to information posted on its website.
New CEO Baker is the owner of real estate company NRDC and has extensive experience in retail and real estate. He previously chaired Retail Opportunity Investments Corp and was president of the Saks Fifth Avenue Foundation, founded in 2017.
The company said Metrick resigned to pursue “new opportunities” and provided no further details.
The company was considering selling a minority stake in luxury retailer Bergdorf Goodman to help reduce debt, Reuters reported in September.
