Saks Global Chief Steps Down After Missed Loan Payment and Mounting Debt

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

The company missed an interest payment on its debt on Tuesday and is considering its options, including filing for bankruptcy, a person with knowledge of the matter said. Saks accumulated heavy debt, in large part from its $2.7 billion purchase of Neiman Marcus Group in 2024, and has struggled to revive sales.

In October the retailer lowered its full-year guidance after reporting that revenue in the quarter ended Aug. 2 fell more than 13 percent from a year earlier, to $1.6 billion. Efforts to ease financial pressure included a debt restructuring completed in August and a real estate sale of Neiman Marcus’s Beverly Hills property last month to free up cash.

Credit-ratings firm S&P Global called the company’s capital structure “unsustainable,” and said Saks would need about $400 million in interest over the next year. Under Metrick, who began at Saks in 1995 and became its chief executive in 2015, the group kept its brands separate while trying to elevate service and share inventory; Saks and Neiman Marcus began sharing inventory in 2025 and the retailer added an Amazon storefront last year.

Key Topics

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