Marc Metrick has stepped down as chief executive officer of Saks Global, capping a 30-year run at the company as the luxury retailer faces a severe financial squeeze.
Richard Baker, executive chairman and chief architect of the group, which last year bought Neiman Marcus Group for $2.7 billion, has assumed the role of CEO.
The company said, “This transition reflects Mr. Metrick’s desire to pursue new opportunities.”
It’s been a rough run for Metrick, who after a career of thinking big got the chance just over a year ago to remake luxury department store retailing by combining Saks Fifth Avenue and Neiman Marcus, while also setting up a Saks shop on Amazon.
While bringing the two chains together let Saks Global cut hundreds of millions of dollars in costs, the company has never found its footing financially, failing to make good immediately on its past-due bills to vendors and struggling to keep the sales floor stocked even during the key holiday season.
Much of that ties back to the $2.2 billion in bonds Saks Global took on to close the deal in December 2024, debt that needed to be refinanced in August when another $600 million in debt was piled on.
Now the company is said to have missed a more than $100 million interest payment on that debt that was due Dec. 30 and is living in a 30-day grace period as it explores options. These include what many see as a likely bankruptcy filing even after the sale leasebacks of Neiman Marcus stores in Beverly Hills and San Francisco.
That puts Baker — one of the industry’s most creative dealmakers — at the helm of the company as it faces a key next step.
Saks Global and its leaders presented the CEO switch as a much more straightforward change in leadership.
“Baker will work closely with the company’s management team to advance Saks Global’s transformation while delivering exceptional products, elevated experiences and highly personalized service to meet consumer demand for luxury retail,” the company said.
Baker added: “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.”
Saks Global certainly has well established relationships in fashion, but many of those relationships are in tatters now after more than a year of slow payments.
For his part, Metrick said: “I began my career at Saks in 1995 and have had the privilege of serving in many roles across merchandising, marketing, and strategy. In 2015, I took over leadership of Saks Fifth Avenue, helping to drive innovation and growth during one of the most dynamic periods in retail history. From building a world-class team to establishing Saks.com as a leading luxury ecommerce platform, I am proud of what we accomplished together. I am deeply grateful to my colleagues, partners, and the entire Saks community for their support and collaboration over the years.”
Baker said: “Marc has been a valued leader at Saks for many years, helping to drive significant transformation and growth while solidifying the company’s enduring position in luxury. We thank Marc for his leadership and dedication and wish him continued success in his next chapter.”
