"Saks Global said on Friday that its CEO, Marc Metrick, has stepped down and named executive chair, Richard Baker, as his successor, amid reports that the luxury retailer is preparing for bankruptcy. The change at the top comes days after the Wall Street Journal reported that the Neiman Marcus parent company is preparing for bankruptcy after missing an interest payment exceeding $100m on debt from its Neiman merger."
"Metrick spent nearly 30 years with Saks, heading the luxury portfolio including Saks Fifth Avenue and Neiman Marcus. He led Saks Global since its formation in July 2024 and worked on shaping the firm's digital transformation and strategy. The Saks and Neiman Marcus merger has been a disaster, said David Swartz, department store analyst at Morningstar, adding that luxury shoppers are shifting to Bloomingdale's, Nordstrom and brand-owned stores."
"Products at Saks Fifth Avenue range from about $60 for cotton rib tank dresses to nearly $20,000 for designer dresses, with handbags typically priced between $100 and $38,280, according to information on its website. Incoming CEO Baker is the owner of real estate firm NRDC and has a long track record in retail and property. He previously chaired the Retail Opportunity Investments Corp and served as the president of the Saks Fifth Avenue Foundation, founded in 2017."
Marc Metrick stepped down as CEO of Saks Global and executive chair Richard Baker became his successor. The leadership change coincides with reports the luxury retailer is preparing for bankruptcy after missing an interest payment exceeding $100 million tied to the Neiman Marcus merger. Saks Global formed when Hudson's Bay Company acquired Neiman Marcus, combining Saks Fifth Avenue and Neiman Marcus to cut costs and compete with Nordstrom, Macy's and Bloomingdale's. Metrick spent nearly 30 years leading the luxury portfolio and led Saks Global from July 2024, focusing on digital transformation. Analysts call the merger a failure as luxury shoppers move to competitors. The company sought to sell a minority stake in Bergdorf Goodman to reduce debt.
Read at www.theguardian.com
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