Saks Global is entering 2026 with a major leadership shakeup, as Executive Chairman Richard Baker steps in as Chief Executive Officer and long-time leader Marc Metrick exits amid mounting financial pressure and bankruptcy speculation. The move comes just days after reports that Saks Global missed an interest payment of more than $100 million tied to debt from its 2024 Neiman Marcus acquisition and is preparing a potential Chapter 11 filing.
Richard Baker takes the helm
In its January 2, 2026 announcement from New York, Saks Global confirmed that “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” while continuing as Executive Chairman.
The company describes Saks Global as “the largest multi-brand luxury retailer in the world,” with a portfolio that includes Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call, and Horchow, spanning 70 full-line luxury locations, additional off-price stores, and five distinct e-commerce experiences. Richard 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. 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.”
Marc Metrick exits after nearly three decades
“After nearly three decades with Saks, I will be stepping down as Chief Executive Officer,” said Marc Metrick, framing the move as reflecting his desire to pursue new opportunities. Marc said he began his career at Saks in 1995, served in many roles across merchandising, marketing, and strategy, and, from 2015, led Saks Fifth Avenue, including through the creation of Saks.com as a leading luxury e-commerce platform.
External reporting notes that he became CEO of Saks Fifth Avenue in 2021, then CEO of Saks Global in 2024, guiding the integration of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman into a single holding company. In the transition announcement, Richard Baker said, “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. We thank Marc for his leadership and dedication and wish him continued success in his next chapter”.
Leadership change amid bankruptcy concerns
The timing of the CEO handover is drawing intense scrutiny because it coincides with escalating reports that Saks Global is on the brink of seeking bankruptcy protection after missing an interest payment of more than $100 million on debt tied to the Neiman Marcus merger.
Media outlets, including The Wall Street Journal, CNBC, and Reuters, have reported that the missed payment pushed Saks Global into a grace period and that the company is preparing a potential Chapter 11 filing to restructure its debt load.
What this means for luxury retail
For luxury brands and landlords, the CEO transition underscores how much is at stake in Saks Global’s restructuring. The group controls marquee names like Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, as well as nearly 13 million square feet of prime U.S. retail real estate under Saks Global Properties & Investments.
Any court-supervised process led by Richard Baker could involve renegotiating leases, selling stakes in flagship buildings, or reshaping how these heritage banners operate both offline and online.
For now, Saks Global is emphasizing continuity—pointing to its Art of You strategy, its five e-commerce platforms, and its ability to personalize luxury shopping through what it describes as the most comprehensive luxury customer data platform in North America. But with Marc Metrick stepping away after almost three decades and the company openly under financial strain, the choice to consolidate power in Richard Baker’s hands signals that the next moves—whether bankruptcy, refinancing, asset sales, or store optimization—will be driven directly from the top of the ownership structure rather than through a standalone operating CEO.
