Saks Global said Friday, January 2, 2026, that CEO Marc Metrick has stepped down, after nearly three decades with Saks. As reports circulate that the luxury retailer may be preparing for bankruptcy, the company named Executive Chairman Richard Baker as his successor. “This transition reflects Mr. Metrick’s desire to pursue new opportunities,” said the department-store chain.
Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. According to The Wall Street Journal, the group would have missed an interest payment exceeding USD 100 million on debt incurred through its Neiman merger. The retail giant would be considering restructuring options, including a Chapter 11 bankruptcy filing, amid ongoing liquidity pressures.
In addition to the CEO role, Richard Baker will continue to serve as Executive Chairman. "I look forward to continuing to work with our highly experienced management team, valued partners, and other stakeholders to secure a strong and stable future for our company. 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," he said.
Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call, and Horchow.
