Saks Global Shifts Leadership Amid Financial Turbulence

New CEO and Executive Chairman: Richard Baker Saks Global is undergoing significant leadership changes. Richard Baker, the new CEO, will also retain his role as executive chairman. This shift comes as the luxury retailer reportedly prepares to file for bankruptcy. Marc Metrick, a 30-year veteran of Saks, is stepping down to pursue new opportunities.

Baker's Vision for the Future

Baker emphasizes his commitment to securing a stable future for Saks Global. He highlights the company's deep industry expertise and strong relationships within the luxury sector as key strengths. The goal is to capitalize on opportunities in the luxury market.

Financial Struggles and Strategic Moves

Saks Global is no stranger to financial challenges. The company was formed in 2024 when Hudson's Bay Company acquired Neiman Marcus for $2.65 billion. The aim was to create a major player in the luxury department store market, competing with Nordstrom and Macy's-owned Bloomingdale's.

Despite the merger, Saks Global has been working to raise cash and stabilize its finances. Recent efforts include selling Neiman Marcus' Beverly Hills flagship store and completing a debt restructuring in August 2025.

Baker's Background and Experience

Baker brings a notable background in real estate to his new role. He is an owner of National Realty & Development Corporation and has experience converting companies into real estate investment trusts.