Saks Global has announced a shake up of its leadership amid reports that allege the luxury retailer is nearing bankruptcy.
CEO Marc Metrick has stepped down after a career of nearly 30 years with the retailer to pursue new opportunities.
Richard Baker, Executive Chairman of Saks Global, will take on the role of CEO and oversee the company’s luxury retail operations.
Baker will work closely with Sak’s Global’s management team to advance the business's transformation “while delivering exceptional products, elevated experiences and highly personalised service to meet consumer demand for luxury retail,” the company said in a statement.
“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,” said Baker, who will continue to serve as Executive Chairman.
“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 capitalise on the many opportunities we see for our company in the luxury market."
Metrick’s departure comes at a pivotal time for the retail group, which owns luxury department store chains Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, outlet stores Saks Off 5TH and Last Call, as well as upscale furniture website Horchow.
The group is allegedly nearing bankruptcy after missing a US$100m debt payment related to its purchase of Neiman Marcus, according to a report by the Wall Street Journal.
Metrick became CEO of Saks Group in 2024 when the holding company was established following the acquisition of Neiman Marcus Group by Saks Fifth Avenue’s parent company HBC for $2.65bn.
Previously he was President and CEO of US department store chain Saks Fifth Avenue.
The group includes 70 luxury retail locations under the Saks Fifth Avenue, Saks off 5th, Neiman Marcus, Bergdorf Goodman.
The combined business also includes a $7bn portfolio of retail real estate holdings from HBC’s US real estate assets and Neiman Marcus Group’s real estate assets.
Saks Global investors include Amazon and Authentic Brands Group.
Cosmetics Business has contacted Saks Global for comment.