Saks Global is in deep turmoil as CEO Marc Metrick steps down and Executive Chairman Richard Baker steps into the top job, just as the luxury group reportedly readies a potential Chapter 11 filing after missing an interest payment of over 100 million U.S. dollars. Vendors, brands, and creditors are now bracing for what could be one of the most consequential restructurings in modern luxury retail.
CEO exits as debt pressures spike:
- Saks Global announced that long-time executive Marc Metrick, a roughly 30-year veteran of Saks Fifth Avenue, has exited his CEO role, “to pursue new opportunities,” effective immediately.
- Executive chairman Richard Baker has been appointed CEO, holding both titles as he leads the company through mounting financial strain and strategic review.
Reports indicate the leadership change lands just after Saks Global missed an interest payment of more than 100 million U.S. dollars tied to debt from its Neiman Marcus acquisition, a lapse that intensified speculation that a bankruptcy filing is imminent.
From merger bet to bankruptcy risk
- Saks Global was created in 2024 when Hudson’s Bay Company rolled together Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, and other assets after a $2.65 billion acquisition of Neiman Marcus.
- The combined group was meant to create a scaled luxury platform to compete with rivals like Nordstrom, Bloomingdale’s, and Macy’s, leveraging shared buying, tech, and real estate.
Instead, the debt load from the deal, slower luxury spending in the U.S., and reported delays in paying vendors have squeezed liquidity, triggering inventory issues and weakening the in-store experience. Saks Global has already pursued asset sales, including exploring a partial sale of Bergdorf Goodman and prime properties; however, this has not been enough to offset the pressure from its capital structure.
Bankruptcy Talk
- Multiple outlets report that Saks Global is preparing, or seriously considering, a Chapter 11 bankruptcy filing in the coming weeks, although the company has not formally confirmed a filing timeline.
- To keep doors open through any court process, the retailer is said to be in talks to secure a financing package of around $1 billion, potentially structured as debtor-in-possession (DIP) financing that combines at least $750 million in new money with a roll-up of existing debt.
That emergency capital would help fund operations, reassure brand partners, and give Saks Global room to restructure leases, deb,t and underperforming parts of the portfolio under court supervision. Still, vendors remain cautious after the missed payment and prior reports of late invoices, and some brands are already reassessing exposure to the group.
What this means for brands and the luxury landscape
For luxury brands that rely on Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman as key wholesale and showcase partners, the uncertainty complicates assortments, delivery calendars, and marketing plans for 2026.
If a Chapter 11 filing proceeds, Saks Global will aim to keep stores running while it restructures, but the process could accelerate store closures, renegotiate vendor terms, and place a sharper focus on the most profitable doors and categories.
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