Saks’ CEO Baker to Exit Luxury Retailer Ahead of Bankruptcy

(Bloomberg) — Saks Global Enterprises Chief Executive Richard Baker is leaving less than two weeks after taking over the top job as the beleaguered luxury conglomerate he created prepares to restructure under bankruptcy court protection.

Baker, the department store chain’s CEO and chairman of the board, has been finalizing his exit over the past few days, according to people familiar with the situation who asked not to be named because the move has not yet been announced.

Geoffroy van Raemdonck, currently a board member of Moncler SpA, is currently negotiating for a role at the company, according to people familiar with the matter.

Saks, founded more than 150 years ago, is close to filing for Chapter 11 bankruptcy protection to address mounting losses and a significant debt burden.

Saks, Baker and van Raemdonck did not immediately respond to requests for comment.

Van Raemdonck was CEO of Neiman Marcus Group from 2018 to 2024. It has seen the luxury retailer’s pandemic-era collapse, subsequent emergence and subsequent recovery. He resigned when Saks bought this place.

Saks’ debt has weighed on the company, which operates flagship Saks Fifth Avenue stores as well as Bergdorf Goodman and Neiman Marcus.

Baker, a longtime real estate investor, was announced as the company’s new CEO on January 2, replacing Marc Metrick.

Baker was chairman of Hudson’s Bay Co. when it acquired Saks Fifth Avenue in 2013 and was the main architect of Saks’ 2024 acquisition of rival Neiman Marcus Group for $2.65 billion, creating Saks Global.

–With help from Andrea Chang.

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