Luxury Retail Giant Faces Leadership Shake-Up Amid Financial Woes

Saks Global is going through a tough time. The company's CEO, Marc Metrick, has left his position. This comes as the luxury retail group is having trouble paying off its debts. The company missed a loan payment and is thinking about filing for bankruptcy. Richard Baker, who was the executive chairman, is now taking over as the CEO. Baker is known for his role in creating Saks Global. This group includes big names like Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman. Baker used to work in real estate and has a background in business. The company's financial troubles started when it bought Neiman Marcus Group for $2. 7 billion in 2024. Since then, sales have not been great. In October, the company said its revenue for the quarter ending in August was down by more than 13 percent. This is compared to the same period last year.The idea behind the merger was to create a strong luxury retail group. The plan was to save money, have more power with brands, and offer a better experience for customers. However, things have not gone as planned. Neiman Marcus, which also owns Bergdorf Goodman, had filed for bankruptcy in 2020. This was at the start of the pandemic. Marc Metrick had been running Saks since 2015. When the new group was formed, Baker said he had always wanted to bring these luxury brands together. He also said there were no plans to close any stores or reduce services.