Overview
- Saks Global said Marc Metrick has stepped down to pursue new opportunities after nearly three decades with the company.
- Executive Chairman Richard Baker has taken on the chief executive role and will retain his chairmanship, the company confirmed.
- The Wall Street Journal reported the retailer failed to make an interest payment of more than $100 million that was due this week.
- The same report said a Chapter 11 filing could come within days, although the company has not confirmed any bankruptcy plan.
- Saks Global was created in 2024 after Hudson’s Bay Co. bought Neiman Marcus for $2.65 billion, and it has explored selling a minority stake in Bergdorf Goodman as luxury demand weakens, according to Reuters and Bain research cited.