Saks Global names new CEO amid bankruptcy reports
Saks Global is placing a familiar face in the CEO role as it is reportedly nearing a Chapter 11 bankruptcy filing.
The luxury retail and real estate holding company, whose portfolio includes Saks Fifth Avenue, Saks Off 5th, Neiman Marcus and Bergdorf Goodman, has named executive chairman Richard Baker as CEO, overseeing the company's luxury retail operations.
As part of this transition, former Saks Global CEO Marc Metrick agreed to step down from that role to pursue new opportunities.
"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,” said Baker. “Across Saks Global, with our deep industry expertise, well-established relationships within the luxury sector, and talented employees, we will strengthen our position so that we can capitalize on the many opportunities we see for our company in the luxury market."
Saks may file Chapter 11
The CEO transition occurs as the Wall Street Journal reports Saks Global is preparing to file for bankruptcy "within days" after missing an interest payment related to its $2.7 billion purchase of the Neiman Marcus Group in December 2024.
The company has been exploring several alternatives to raise its liquidity and avoid a court-supervised restructuring, including raising emergency financing, selling off assets, and negotiating with lenders for additional liquidity, according to a previous report from Bloomberg. It has also been reassessing the priority of certain debt obligations as part of its broader turnaround efforts.
In 2025, Saks creditors lent the company hundreds of millions of dollars more in a debt deal that reconfigured its payment priorities, leading to multiple bondholder tiers, the report said. But those securities have since plunged, the report said.
[READ MORE: S&P downgrades Saks; calls latest financing deal 'tantamount' to a default]
Saks raised billions of dollars in 2024 to fund its revitalization effort, which included the Neiman Marcus Group acquisition as it looked to create a U.S. luxury retail powerhouse. According to a report by WWD, many brands have discontinued shipping to Saks Global during 2025.
In October 2025, the Wall Street Journal reported that Saks was in talks to sell a 49% stake in Bergdorf Goodman for about $1 billion.
Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks Off 5th, Last Call, and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations, and five e-commerce experiences.
