A pedestrian passes in front of the Saks Fifth Avenue at Brookfield Place in New York.
Allison Joyce | Bloomberg | Getty Images
New York’s Saks Fifth Avenue is bracing for bankruptcy, a move that would reshape the luxury retail landscape. The parent company, Saks Global, named a new CEO on Friday as it reportedly prepares to file for Chapter 11 protection.
A Leadership Change Amidst Financial Strain
The shakeup comes as Saks Global struggles with debt following a significant acquisition.
- Richard Baker, the company’s executive chairman, will now also serve as CEO.
- Longtime Saks executive Marc Metrick is departing the company.
- The move follows a missed debt payment related to the 2024 acquisition of Neiman Marcus.
- Saks Global is attempting to regain financial stability after a period of expansion.
Richard Baker, Saks Global’s executive chairman, will take on the additional role of CEO, the company announced in a news release. He will continue to hold the executive chairman position as well. This leadership shift arrives as the retailer reportedly nears bankruptcy proceedings, according to reports.
The change also means the departure of Marc Metrick, a Saks executive with three decades of experience. The news release stated Metrick is leaving “to pursue new opportunities.”
“Across Saks Global, with our deep industry expertise, well-established relationships within the luxury sector, and talented employees, we will strengthen our position so that we can capitalize on the many opportunities we see for our company in the luxury market,” Baker said in a statement.
What’s driving Saks toward bankruptcy? The company is preparing to file after missing a debt payment tied to its $2.65 billion acquisition of Neiman Marcus in 2024, the Wall Street Journal reported on Wednesday, citing sources familiar with the matter.
The Ambitious Expansion and Subsequent Challenges
Saks Global was formed in 2024 when Saks Fifth Avenue’s parent company, Hudson’s Bay Co., acquired Neiman Marcus. The goal was to create a retail powerhouse capable of competing with major players like Nordstrom and Bloomingdale’s, owned by Macy’s.
The combined entity included Saks Fifth Avenue, Saks Off 5th, Neiman Marcus’ flagship stores, and Bergdorf Goodman. However, the expanded company has faced financial headwinds, prompting measures to raise capital and restructure its debt. These steps included the recent sale of Neiman Marcus’ Beverly Hills location and a debt restructuring completed in August 2025.
Baker’s background includes significant real estate experience. He is an owner of National Realty & Development Corp., a large U.S. real estate development firm, and previously chaired Retail Opportunity Investments Corp., which he converted into a publicly traded real estate investment trust on the Nasdaq.
