Companies

Saks Global names new CEO as bankruptcy filing looms

Jan 5, 2026 United States

The parent company of Saks Fifth Avenue has announced that Richard Baker will now take the helm, while retaining his role as Chairman. This statement comes after accounts of potential preparations for bankruptcy\n

On Friday, Saks Global announced that its Executive Chairman, Richard Baker, would take on the role of CEO while retaining his current responsibilities. Marc Metrick, who has led the luxury retail group as CEO for nearly three decades, is stepping down “to pursue new opportunities”. Baker thanked him for “helping to drive significant transformation and growth while solidifying the company's enduring position in luxury”.

The announcement comes just days after reports emerged that Saks Global was preparing for bankruptcy following the missed interest payment of over 100 million US dollars on debt from its merger with Neiman Marcus. Saks Global was formed in 2024 to encompass Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue, and Saks OFF 5TH, following HBC’s (the parent company of Saks Fifth Avenue) 2.7 billion US dollar acquisition of Neiman Marcus.

The merger of the two luxury chains was intended to enable them to compete more effectively with other retailers and department stores. However, Saks has come under pressure in 2025, prompting measures such as store closures, workforce reductions and the consideration of refinancing options. The company has even explored selling a minority stake in Bergdorf Goodman and has put a Beverly Hills property up for sale.

In the statement, Baker said, “I look forward to continuing to work with our highly experienced management team, valued partners, and other stakeholders to secure a strong and stable future for our company”. “We will strengthen our position so that we can capitalize on the many opportunities we see for our company in the luxury market”, he emphasised.

Image Credits: merca20.com

United States Bankruptcy Companies Luxury Management