After Saks Bankruptcy, Richard Baker Says He Saved Luxury Department Stores

Richard Baker, who combined Saks Fifth Avenue and Neiman Marcus into Saks Global about 13 months ago, has defended his role after the group's bankruptcy. Sitting in a borrowed Manhattan conference room across from his former company, he said, 'as an entrepreneur, we actually did a very successful job.

Notwithstanding what you’ve been reading lately.' It was his first public comment since the January filing. He pointed to external pressures — shoppers under economic strain, tariffs and a popular online newsletter that led vendors to withhold product — as reasons for the company's collapse.

Saks Global has closed 57 Saks Off 5th shops and all five remaining Neiman’s Last Call stores. Hundreds of employees lost jobs in the restructuring, and brands such as Chanel, Zegna and Akris are owed more than $700 million, while some smaller labels face the prospect of disappearing.

United States, Manhattan

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