Saks CEO steps down as firm struggles to pay down debt

Saks Global said Friday that its CEO, Marc Metrick, had stepped down after the beleaguered luxury department store group missed a loan payment and as it weighed filing for bankruptcy protection.

- KIM BHASIN VANESSA FRIEDMAN LAUREN HIRSCH

Richard Baker, the executive chair of Saks Global, has assumed the role of CEO, according to a company statement. Baker, a former real estate executive, was the mastermind behind the creation of Saks Global, the would-be retail empire that includes Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman.

Saks missed an interest payment on its debt last Tuesday and is now considering its options, including bankruptcy, a person with knowledge of the matter said.

The company accumulated lots of debt, in large part because of Saks’ $2.7 billion acquisition of Neiman Marcus Group in 2024. Saks has struggled to revive sales since the deal closed. In October, the retailer lowered its guidance for the full year and said revenue in the quarter that ended Aug 2 had fallen more than 13% from a year earlier, to $1.6 billion.

A representative for Saks declined to comment.

The goal of the merger was to form a luxury powerhouse, providing cost savings, more leverage with brands and a better customer experience through shared loyalty programmes. Neiman Marcus, which also owned Bergdorf Goodman, had filed for bankruptcy in 2020, in the early days of the pandemic.