Particle.news
Download on the App Store
4 ARTICLES
·
1h ago

Saks Global Names Richard Baker CEO as Marc Metrick Departs

The change follows reports of a missed interest payment exceeding $100 million tied to Neiman Marcus debt.

FILE - Saks Fifth Avenue President Marc Metrick poses for a portrait inside the company's flagship Fifth Avenue store, in New York, on Wednesday, Feb. 20, 2019. (AP Photo/Kathy Willens, File)
Image

Overview

  • Saks Global said Marc Metrick stepped down as CEO effective immediately, and Executive Chairman Richard A. Baker has assumed the role while retaining his chair title.
  • Multiple outlets report the company is in talks with creditors after missing an interest payment of about $100 million, with bankruptcy preparations reported but not confirmed by Saks Global.
  • Sales fell 13% in the most recent quarter ended Aug. 2, and coverage has cited repeated vendor-payment delays and rounds of layoffs over the past year.
  • The company raised $600 million in a notes offering last year to bolster liquidity following its acquisition of Neiman Marcus in 2024.
  • Baker, a retail and real-estate executive who owns NRDC and helped engineer the Neiman Marcus acquisition, now leads a portfolio that includes Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman.