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Richard Baker Takes The Helm With Saks Global Facing $100 Million Debt Crisis

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

Published: Jan 5, 2026 9:41 AM

By RETAILBOSS Team

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Richard Baker Takes The Helm With Saks Global Facing $100 Million Debt Crisis

Credit: Saks Global

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.”…

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