Saks Global Shifts Leadership Amid Financial Turbulence

Saks Global is making big changes at the top. The company has a new CEO, Richard Baker, who is also keeping his role as executive chairman. This move comes as the luxury retailer is reportedly getting ready to file for bankruptcy. Marc Metrick, who has been with Saks for 30 years, is leaving to explore new opportunities. Baker says he is focused on securing a stable future for the company. He highlights the deep industry expertise and strong relationships within the luxury sector as key strengths. The goal is to capitalize on opportunities in the luxury market.Saks Global is not new to financial struggles. The company was formed in 2024 when Hudson's Bay Company bought Neiman Marcus for $2. 65 billion. The idea was to create a bigger player in the luxury department store market, competing with Nordstrom and Macy's-owned Bloomingdale's. Despite the merger, Saks Global has been working to raise cash and stabilize its finances. The company recently sold Neiman Marcus' Beverly Hills flagship store and completed a debt restructuring in August 2025. Baker's background in real estate is notable. He is an owner of National Realty & Development Corporation and has experience converting companies into real estate investment trusts.