Saks Global CEO Marc Metrick steps down after missed loan payment

Saks Global said on Friday that its chief executive, Marc Metrick, had stepped down after the luxury retailer missed a loan payment and as it weighed filing for bankruptcy protection. Richard Baker, the company’s executive chairman, has assumed the role of chief executive, according to a company statement.

Mr. Baker was the architect of the 2024 deal that combined Saks Fifth Avenue with Neiman Marcus and Bergdorf Goodman to form Saks Global. The company accumulated substantial debt, in large part because of Saks’s $2.7 billion acquisition of Neiman Marcus Group in 2024, and has struggled to revive sales since the deal closed.

In October the retailer lowered its guidance and said revenue in the quarter that ended Aug. 2 fell more than 13 percent from a year earlier, to $1.6 billion. The debt burden included roughly a $2.2 billion loan, and S&P Global said in September that Saks’s capital structure was "unsustainable," noting the company would need to pay about $400 million in interest over the next year.

Saks completed a debt restructuring in August and last month signed a real estate deal, selling its Neiman Marcus property in Beverly Hills to an investment firm for an undisclosed sum. The company began sharing inventory between Saks and Neiman Marcus in 2025 and added a storefront on Amazon last year.

Key Topics

Business, Saks Global, Marc Metrick, Richard Baker, Neiman Marcus, Bergdorf Goodman