Saks Global CEO steps down as company faces bankruptcy

Business Jan 03, 2026

Big changes at Saks Global: longtime Saks executive Marc Metrick, who has served as CEO of Saks Global since July 2024, has resigned just as the luxury retailer prepares for bankruptcy, after missing a key payment tied to its Neiman Marcus merger.
Executive Chairman Richard Baker is stepping in as CEO to help steer the company through this tough patch.

What's next for Saks?

To tackle its debt, Saks was looking to sell a minority stake in Bergdorf Goodman.
The luxury shopping scene is getting tougher, with more people choosing Bloomingdale's, Nordstrom, or brand-owned stores instead.
While Metrick's next move hasn't been shared yet, Baker—who brings plenty of retail experience—is now leading Saks through these challenging times and some major changes ahead.