Saks Global announces new CEO Richard Baker amid bankruptcy reports

Saks Global named a new CEO on Friday, as the retailer was reportedly on the verge of filing for bankruptcy protection.

The parent company of the privately held upscale department store chain Saks Fifth Avenue will now be led by Richard Baker, the company’s CEO, Saks said in a press release. He will continue to serve as CEO.

With these changes, Saks CEO Mark Metrick, three decades old, will leave the company. The press release stated that Metrick was leaving “to pursue new opportunities.”

Baker said in a statement that he would work “to secure a strong and stable future for our company.”

“Across Saks Global, through our deep industry experience, established relationships in 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,” he said.

Saks is preparing to file for bankruptcy after failing to pay debts related to its 2024 acquisition of department store chain Neiman Marcus, the Wall Street Journal reported Wednesday, citing people familiar with the matter.

It is the latest development in the luxury department store operator’s efforts to regain its financial footing. Saks Global was created in 2024 after Hudson’s Bay Company, the parent company of Saks Fifth Avenue, acquired Neiman Marcus for $2.65 billion. By marrying luxury chains, it sought to better compete with other retailers and department stores including Nordstrom and MessiOwned by Bloomingdale’s.

The deal turns Saks Global into a larger player, including Saks Fifth Avenue, the discount department store chain Saks of Fifth, Neiman Marcus’s namesake department store chain, and Bergdorf Goodman.

However, the company has taken clear steps to raise cash and shore up its finances, including the recent sale of its Beverly Hills flagship Neiman Marcus and the August 2025 restructuring of Saks Global’s debt.

In his biography posted on Saks Global’s website, the company credited Baker with leading the Neiman Marcus acquisition and described his strong real estate background. Baker is the owner of National Realty & Development Corporation, one of the largest real estate developers in the United States, and previously served as Chairman of Retail Opportunity Investments Corporation, which he also converted into a Nasdaq-listed real estate investment trust.