On January 2, Saks Global, one of the world’s largest multi-brand luxury retailers, announced that its Chief Executive Officer, Marc Metrick, has stepped down. Executive Chairman Richard Baker has been appointed as his successor and will continue to serve concurrently as chairman.
The leadership transition comes at a time of growing financial uncertainty for the company. Saks Global is reported to have missed an interest payment exceeding $100 million related to debt stemming from the Neiman Marcus merger, prompting speculation that the company may be considering options that include a filing under Chapter 11 of the U.S. Bankruptcy Code.
Saks Global was formed at the end of 2024 through the integration of Saks Fifth Avenue and Neiman Marcus. The consolidation aimed to reduce costs and strengthen competitiveness by bringing two major luxury department store operators under one group. However, since the merger, the company has continued to face challenges, including sluggish sales, unpaid vendors, and mounting debt.
Against this backdrop, Saks Global has stated that it is “exploring all potential paths” toward stabilization, with the executive reshuffle seen as part of a broader effort to reset the company’s direction.
Upon assuming the role of CEO, Baker stated, “I look forward to continuing to work with our highly experienced management team, valued partners, and all of our stakeholders to secure a strong and stable future for our company. With our deep industry expertise, well-established relationships within the luxury sector, and talented employees, Saks Global will further strengthen its position so that we can capitalize on the many opportunities in the luxury market.”
He also indicated his intention to advance the company’s transformation through stronger product offerings, elevated customer experiences, and an increasingly personalized retail strategy.
Marc Metrick Concludes Nearly Three Decades at Saks
Metrick, who has spent nearly 30 years with Saks, built his career across merchandising, marketing, and corporate strategy. Since 2015, he led Saks Fifth Avenue, spearheading initiatives in e-commerce and organizational reform. Following the formation of Saks Global, he served as CEO, overseeing integration strategy and digital transformation.
Reflecting on his departure, Metrick commented: “After nearly three decades with Saks, I will be stepping down as Chief Executive Officer. 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 e-commerce 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 over the years.”
Restructuring or Bankruptcy
Saks Global is also reported to be exploring asset-based measures to reduce debt, including the potential sale of a minority stake in Bergdorf Goodman. Whether the new leadership team can stabilize the company’s finances while rebuilding brand value remains the key question going forward.
As the environment surrounding luxury retail continues to grow more challenging, the trajectory of Saks Global’s restructuring has become a development closely watched by the industry, particularly in discussions around the long-term sustainability of the multi-brand luxury retail model.
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