Saks Global CEO Marc Metrick Steps Down as Luxury Retailer Faces Bankruptcy Talks

Leadership transition comes amid missed debt payments, slowing luxury demand, and mounting pressure following the Neiman Marcus acquisition

Saks Global CEO Marc Metrick has stepped down from his role as the luxury retail group navigates mounting financial challenges and reports that it is preparing to file for bankruptcy protection. The company confirmed on Friday that Metrick will be succeeded by executive chairman Richard Baker, who will assume operational leadership at a critical moment for the retailer.

Metrick’s departure follows reports that Saks Global is in discussions with its creditors after missing a $100 million debt payment to bondholders earlier this week. While the company has not publicly confirmed plans to file for bankruptcy, the leadership change signals a period of heightened uncertainty for the world’s largest luxury department store operator.

“After nearly three decades with Saks, I will be stepping down as chief executive officer,” Metrick said in a statement. “From building a world-class team to establishing Saks.com as a leading luxury ecommerce platform, I am proud of what we accomplished.” The company added that Metrick, who has led Saks Fifth Avenue since 2015, is leaving to pursue new opportunities.

Metrick’s tenure culminated in one of the most ambitious moves in modern luxury retail: Saks’ $2.7 billion acquisition of Neiman Marcus last year. The deal created a powerhouse portfolio that includes Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, and Saks Off 5th. However, the merger coincided with a broader slump in global demand for luxury goods, compounding financial pressures.

In recent months, Saks Global has taken a series of measures to shore up liquidity. The company raised $600 million in capital in June to meet debt obligations and explored selling a minority stake in Bergdorf Goodman to generate additional funds. Despite these efforts, sales across Saks Global stores fell 13% in the most recent quarter ending August 2, underscoring the challenges facing high-end retailers amid cautious consumer spending.

Operational strains have also been evident behind the scenes. Throughout last year, Saks reportedly delayed payments to vendors, and the company has conducted several rounds of layoffs in 2025. Saks Global currently operates more than 70 department stores, including the flagship Saks Fifth Avenue location in New York City.

Richard Baker, who now steps in as CEO while retaining his role as executive chairman, praised Metrick’s leadership during a transformative era for the company. “Marc has been a valued leader at Saks for many years, helping to drive significant transformation and growth while solidifying the company’s enduring position in luxury,” Baker said. “We thank Marc for his leadership and dedication and wish him continued success in his next chapter.”

As Baker takes the helm, all eyes are on how Saks Global will navigate its debt obligations, creditor negotiations, and shifting luxury market dynamics. The coming weeks are expected to be pivotal, not only for the future of the company but for the broader luxury retail landscape it has long helped define.