Lead: Saks Global on Friday elevated Executive Chairman Richard Baker to chief executive as the luxury retail group faces reports that it is preparing to file for bankruptcy protection. The move coincides with the departure of longtime executive Marc Metrick, who will leave after roughly three decades. Reports say the company missed a debt payment tied to its 2024 acquisition of Neiman Marcus, a development that has accelerated talks about restructuring and asset sales. The company said Baker will continue as executive chairman while taking on the CEO role.
Key Takeaways
- Richard Baker, previously executive chairman, was named CEO of Saks Global on Friday and will retain his chairman role.
- Marc Metrick, a three-decade Saks executive, is departing to “pursue new opportunities,” according to the company statement.
- Reports indicate Saks Global missed a debt payment linked to its 2024 Neiman Marcus acquisition, increasing the likelihood of a bankruptcy filing.
- Saks Global was formed in 2024 after Hudson’s Bay Company acquired Neiman Marcus for $2.65 billion and combined brands including Saks Fifth Avenue, Saks Off 5th, Neiman Marcus, and Bergdorf Goodman.
- Earlier moves to bolster liquidity included the sale of the Neiman Marcus Beverly Hills flagship and a debt restructuring completed in August 2025.
- Baker is a longtime real estate executive and owner of National Realty & Development Corporation and previously led Retail Opportunity Investments Corporation as its chairman.
Background
Saks Global emerged in 2024 from Hudson’s Bay Company’s acquisition of Neiman Marcus for $2.65 billion, a deal intended to create a larger luxury retail competitor to Nordstrom and Bloomingdale’s. The combined company brought together full-price and off-price formats—Saks Fifth Avenue, Saks Off 5th, Neiman Marcus and Bergdorf Goodman—seeking scale in merchandising, customer data and real estate.
That expansion coincided with elevated leverage on the corporate balance sheet. Management has taken steps to generate cash and reduce liabilities, including the sale of high-value real estate and a formal debt restructuring announced in August 2025. Still, those measures have not fully insulated the company from pressure on liquidity amid changing consumer patterns in the luxury segment and higher interest rates.
Main Event
On Friday, Saks Global issued a news release naming Richard Baker as CEO while stating he will continue as executive chairman. The announcement follows press reports that the company missed a payment tied to the financing of the 2024 Neiman Marcus acquisition and is preparing a bankruptcy filing. The company framed the leadership change as a step to stabilize operations and pursue strategic opportunities.
The release also confirmed the exit of Marc Metrick, who has been with Saks for roughly 30 years; the company said he is leaving “to pursue new opportunities.” Management did not publish a detailed timetable for the leadership transition or a public schedule for any potential filing. The news came after recent asset sales, including the Beverly Hills Neiman Marcus flagship, aimed at shoring up cash.
In the company statement, Baker said he will work to secure a “strong and stable future” for Saks Global and cited the firm’s luxury relationships, industry expertise, and employee talent as foundations for recovery. The statement emphasized intent to capitalize on opportunities in the luxury market while addressing near-term financial obligations.
Analysis & Implications
The appointment of Baker — a leader with deep real estate experience and a record of large-scale retail deals — signals a focus on restructuring via asset optimization and strategic negotiations with creditors. Owners with property portfolios often favor solutions that combine operational tweaks with targeted property sales to reduce leverage. Baker’s background at National Realty & Development Corporation and his prior role converting Retail Opportunity Investments Corporation into a Nasdaq-listed REIT suggest he will prioritize real-estate-led value extraction.
For creditors and suppliers, a Baker-led management team may be a signal that the company intends to pursue an orderly restructuring rather than a rapid liquidation. However, the mere expectation of a bankruptcy filing can accelerate vendor pullbacks, shrink liquidity, and complicate customer perceptions—especially in the luxury segment where brand prestige matters.
Competitors such as Nordstrom and Bloomingdale’s could see short-term advantages if Saks Global retrenches or divests stores, creating opportunities to attract high-net-worth customers or premium brands seeking alternative placements. Conversely, an organized restructuring that preserves flagship locations and e-commerce assets could allow Saks Global to emerge a leaner but still significant competitor in luxury retail.
Comparison & Data
| Year | Event | Notable Value |
|---|---|---|
| 2024 | Hudson’s Bay acquires Neiman Marcus, forms Saks Global | $2.65 billion |
| Aug 2025 | Saks Global completes debt restructuring | Restructuring terms (company disclosure) |
| Late 2025 | Sale of Neiman Marcus Beverly Hills flagship | Undisclosed (asset sale) |
| Jan 2026 | Company reportedly misses debt payment; Baker named CEO | Missed payment tied to 2024 acquisition financing |
The timeline shows how the 2024 acquisition quickly led to complex financing and follow-on restructuring actions by mid-2025. Asset sales and refinancing were deployed as tools to manage leverage, but the most recent missed payment suggests those steps may not have fully resolved near-term liquidity gaps. A bankruptcy filing would formalize negotiations with creditors and could provide a structured path to reorganize obligations while preserving core operations.
Reactions & Quotes
Company materials and market reports captured differing tones: corporate messaging emphasized stability and a path forward, while press coverage underscored creditor pressure and potential filings.
“I will work to secure a strong and stable future for our company,”
Richard Baker, Saks Global news release
The company used the phrase to frame the leadership change as continuity rather than a rupture, highlighting Baker’s dual role and his prior involvement in the Neiman Marcus acquisition.
“[Marc Metrick] is departing to pursue new opportunities,”
Saks Global news release
The phrasing is standard in executive transitions; it provides limited detail about timing or the reasons behind the exit but confirms an immediate leadership change.
Unconfirmed
- Whether an actual bankruptcy petition has been formally filed; reports say the company is preparing to file but no court docket was cited in the company release.
- The precise amount of the missed payment or the full financing terms tied to the 2024 Neiman Marcus acquisition have not been disclosed publicly.
- Detailed plans for store closures, layoffs, or brand divestitures have not been announced; speculation about specific asset packages remains unverified.
Bottom Line
Saks Global’s naming of Richard Baker as CEO amid reports of a missed debt payment and a potential bankruptcy filing is a consequential development for the luxury retail sector. The change consolidates leadership authority in a figure with deep real estate and deal-making experience, suggesting the company will pursue asset-led solutions and structured negotiations with creditors.
For stakeholders — employees, vendors, landlords and consumers — the next few weeks will be decisive. An orderly restructuring could preserve core brands and valuable retail locations; an abrupt insolvency process would carry higher disruption. Close attention to formal filings, creditor statements and asset-sale disclosures will be necessary to assess the company’s path forward.
Sources
- CNBC (media) — original news report and company statement summarizing the leadership change and payment reports.
- The Wall Street Journal (media) — reporting that Saks reportedly missed a debt payment tied to the 2024 acquisition (cited by multiple outlets).
- Saks Global (official) — company press release and executive biographies for Richard Baker and leadership disclosures.