Overview
- Marc Metrick is leaving after nearly three decades at the company, with Saks saying he chose to pursue new opportunities.
- Executive chairman Richard A. Baker assumes the CEO role and remains board leader to steer strategy and operations.
- Saks is in discussions with creditors after failing to make an interest payment exceeding $100 million, with reports indicating the company is evaluating financing, asset sales or a possible bankruptcy filing.
- The company previously secured a $600 million lending agreement intended to avert immediate insolvency as sales and inventory pressures mounted in 2025.
- The portfolio spans Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, along with roughly 13 million square feet of U.S. prime real estate and multiple e-commerce platforms.