Saks Global announces new CEO Richard Baker amid bankruptcy reports
Saks Fifth Avenue Inc. at Brookfield Place in New York, USA. A pedestrian passes in front of the women’s store
Allison Joyce | Bloomberg | Getty Images
Saks Global appointed a new CEO on Friday as the retailer reportedly was on the verge of filing for bankruptcy protection.
Saks said the parent company of privately held high-end department store chain Saks Fifth Avenue will now be led by the company’s chairman, Richard Baker. in a newsletter. He will continue to serve as chief executive.
With this change, thirty-year Saks executive Marc Metrick will leave the company. Metrick’s is moving “to pursue new opportunities,” the news release said.
Baker said in a statement that he would work “to ensure a strong and stable future for our company.”
“Across Saks Global, with our deep industry expertise, established relationships in the luxury industry, and talented employees, we will strengthen our position to capitalize on the many opportunities we see for our company in the luxury market,” he said.
Saks is preparing to file for bankruptcy in 2024 after missing a debt payment related to its acquisition of department store chain Neiman Marcus. The Wall Street Journal reported on Wednesday, quoting people familiar with the matter.
It’s the latest development in the luxury department store operator’s effort to regain its financial footing. Saks Global was formed in 2024 after Saks Fifth Avenue parent Hudson’s Bay Company acquired Neiman Marcus for $2.65 billion. By merging the two luxury chains, it aimed to better compete with other retailers and department stores like Nordstrom and department stores. Macy’s– owned by Bloomingdale’s.
The deal transformed Saks Global into a larger player that also includes Saks Fifth Avenue, discount chain Saks Off 5th, Neiman Marcus’ eponymous department store chain and Bergdorf Goodman.
But the company has taken clear steps to raise cash and shore up its finances, including the recent sale of Neiman Marcus’s Beverly Hills flagship and Saks Global’s debt restructuring in August 2025.
In his biography on Saks Global’s website, the company noted that Baker led the acquisition of Neiman Marcus and described his strong real estate background. Baker is the owner of National Realty & Development Corporation, one of the largest real estate developers in the United States, and previously served as chairman of the board of Retail Opportunity Investments Corporation, which he transformed into a Nasdaq-listed real estate investment trust.
