Saks Global announces new CEO Richard Baker amid bankruptcy reports

Saks Global Appoints New CEO Amid Bankruptcy Rumors

Saks Global, the parent company of luxury department store chain Saks Fifth Avenue, has named Richard Baker as its new CEO. This move comes as the company is reportedly on the verge of filing for bankruptcy protection. Baker, who will also continue to serve as executive chairman, replaces Marc Metrick, a three-decade veteran of Saks who is leaving to “pursue new opportunities.”

Baker’s appointment is seen as a strategic move to secure a stable future for the company. With his extensive experience in the luxury sector and strong real estate background, he is well-positioned to lead Saks Global through this challenging period. As the owner of National Realty & Development Corporation, one of the largest real estate development companies in the US, Baker brings a unique perspective to the role.

Background and Context

Saks Global was formed in 2024 after Hudson’s Bay Company acquired Neiman Marcus for $2.65 billion. The merger aimed to create a stronger competitor in the luxury department store market, with a portfolio that includes Saks Fifth Avenue, Saks Off 5th, Neiman Marcus, and Bergdorf Goodman. However, the company has struggled to regain its financial footing, missing a debt payment related to the Neiman Marcus acquisition and prompting rumors of an impending bankruptcy filing.

Despite these challenges, Saks Global has taken steps to raise cash and shore up its finances. The company recently sold Neiman Marcus’ Beverly Hills flagship and underwent debt restructuring in August 2025. With Baker at the helm, the company is poised to capitalize on opportunities in the luxury market and strengthen its position as a leading player in the industry.

Looking Ahead

As Saks Global navigates this critical period, Baker’s leadership will be crucial in securing a strong and stable future for the company. With his industry expertise and well-established relationships within the luxury sector, he is well-equipped to drive growth and success. As the company moves forward, it will be important to watch how Baker’s strategy unfolds and how Saks Global adapts to the evolving luxury retail landscape.