Saks Global, a U.S.-based luxury department store group, has reached a critical crossroads in its restructuring efforts. Following reports that the company is considering a Chapter 11 bankruptcy filing as a last resort ahead of a more than $100 million debt payment deadline, new reports have emerged suggesting that the company’s CEO may step down.
According to U.S. financial media reports, Saks Global faces interest and debt payments exceeding $100 million due by December 30, prompting increasingly urgent discussions around liquidity. In addition to a potential bankruptcy filing, the company is said to be exploring parallel options to shore up cash, including raising emergency financing and selling assets. Discussions are also reportedly underway with some lenders regarding debtor-in-possession (DIP) financing, which would provide funding during a bankruptcy process.
Billions Raised and a Major Merger—But at the Cost of Rising Debt
In 2024, Saks Global raised billions of dollars as the centerpiece of its turnaround strategy and acquired Neiman Marcus Group. Through this transaction, Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus, and Bergdorf Goodman were brought under a single umbrella, with the ambition of building a technology-powered luxury department store group.
However, this strategy significantly increased the company’s financial leverage. By the spring of 2025, bondholders were facing paper losses exceeding $1 billion, fueling growing skepticism in the market about the feasibility of the turnaround plan.
Vendor Disruptions, Inventory Shortages, and Worsening Performance
The deterioration in cash flow has also had a direct impact on the supply chain. In June 2025, Saks said it had largely resolved issues with vendors who were frustrated by late payments. Nevertheless, subsequent reports indicated that some suppliers were still awaiting payment.
In the second quarter of 2025, the company formally acknowledged declining sales and widening losses, attributing part of the downturn to inventory shortages. As a result, concerns have emerged over Saks Global’s ability to secure sufficient merchandise for the second half of the year.
New Development: CEO Marc Metrick Expected to Exit
Against this backdrop, a new development has added further uncertainty to the company’s future. On December 28, U.S. media outlet Puck reported that Marc Metrick, CEO of Saks Global, is expected to exit the company.
According to the report, Metrick missed a scheduled meeting with Neiman Marcus Group executives in Dallas. In addition, multiple vendors told Puck that communication with Metrick—who had previously been in regular, often weekly contact with some suppliers—had recently ceased.
This report regarding the CEO’s expected departure emerged after news broke that Saks Global was considering a Chapter 11 filing, suggesting that the company’s restructuring process may be entering a new and more volatile phase.
Company Emphasizes Confidence in the Luxury Market
In response to the reports, Saks Global issued the following statement to The Independent: “Together with our key financial stakeholders, we are exploring all potential paths to secure a strong and stable future for Saks Global and advance our transformation while delivering exceptional products, elevated experiences and personalized service to our customers.”
“Importantly, opportunities in the luxury market remain strong, and Saks Global continues to play a distinct and enduring role within it.”
What Saks Global now faces is not merely a question of short-term liquidity or executive leadership. Rather, it is a moment that calls into question the long-term sustainability of the luxury department store model in the United States—one whose outcome could have far-reaching implications for the broader retail industry.
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