Saks Global CEO Marc Metrick Steps Down as Debt Pressures Mount

Marc Metrick has stepped down as chief executive of Saks Global after the luxury retailer missed an interest payment and is weighing bankruptcy protection, the company said. Richard Baker, the executive chairman who engineered the 2024 creation of Saks Global through the acquisition of Neiman Marcus and Bergdorf Goodman, has assumed the CEO role, according to a company statement.

Saks accumulated substantial debt after its roughly $2.7 billion purchase of Neiman Marcus Group in 2024 and a roughly $2.2 billion loan that followed. The company said it missed an interest payment on Tuesday and is considering options including filing for bankruptcy, a person with knowledge of the matter said.

The retailer has struggled to revive sales since the deal closed. In October it lowered full-year guidance after reporting revenue of $1.6 billion in the quarter ended Aug. 2, a decline of more than 13 percent from a year earlier. Creditors and ratings firms have warned about the company’s capital structure.

S&P Global called it “unsustainable,” and said Saks would need about $400 million in interest over the next year. Saks completed a debt restructuring in August and sold a Neiman Marcus property in Beverly Hills last month to free up cash. Vendor relations deteriorated amid overdue payments, creating a backlog and prompting some buyers of the retailer’s unpaid invoices to instruct brands to halt shipments.

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Sports, United States, Business, Retail, Debt, Luxury, Neiman Marcus