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Executive Chairman Richard Baker will take over the role as rumors swirl that a bankruptcy filing is imminent for the troubled retailer.
A window installation at the Saks Fifth Avenue flagship in New York City from spring 2025 promoting the retailer’s new partnership with Amazon. On Friday, Saks Global announced the resignation of CEO Marc Metrick amid growing reports the company soon will file for Chapter 11 bankruptcy protection.
New York—Marc Metrick is stepping down as CEO of Saks Global amid growing reports that the retailer is expected to file for bankruptcy soon.
Saks announced the news Friday, stating that Metrick is leaving the company to “pursue new opportunities.”
Richard Baker will step in as CEO while also continuing to serve as executive chairman of Saks Global.
Metrick has been with Saks for 30 years, starting in the company’s executive training program after he graduated from Boston University in 1995.
He became CEO of Saks Global in December 2024, when the company completed its $2.7 billion acquisition of Neiman Marcus Group, creating a massive luxury department store conglomerate.
In a post on LinkedIn published Friday, the longtime retail executive reflected on his three decades with the retailer, writing, “I don’t know adulthood without Saks. I’ve lost parents, grandparents, I’ve gotten married, become a father, lost 120 pounds, gotten sober, and seen a ton of the world since I ‘met Saks.’
“As I’m going through the process of moving on, I’ve realized that, while I’ll miss the job and all the exciting stuff that comes with it, it’s the people I’ll miss most.”
Related stories will be right here …
Saks announced the news Friday, stating that Metrick is leaving the company to “pursue new opportunities.”
Richard Baker will step in as CEO while also continuing to serve as executive chairman of Saks Global.
Metrick has been with Saks for 30 years, starting in the company’s executive training program after he graduated from Boston University in 1995.
He became CEO of Saks Global in December 2024, when the company completed its $2.7 billion acquisition of Neiman Marcus Group, creating a massive luxury department store conglomerate.
In a post on LinkedIn published Friday, the longtime retail executive reflected on his three decades with the retailer, writing, “I don’t know adulthood without Saks. I’ve lost parents, grandparents, I’ve gotten married, become a father, lost 120 pounds, gotten sober, and seen a ton of the world since I ‘met Saks.’
“As I’m going through the process of moving on, I’ve realized that, while I’ll miss the job and all the exciting stuff that comes with it, it’s the people I’ll miss most.”
News of Metrick’s departure comes in the wake of numerous reports that Saks Global will file for bankruptcy soon.
The retailer is ladened with debt, has lost key executives and merchants, and continues to struggle to pay vendors, including many jewelry designers and brands.
Its inability to pay vendors on time has impacted the retailer’s selection of merchandise and in turn, its sales.
In an exclusive published Wednesday, The Wall Street Journal reported that the retailer would file for Chapter 11 bankruptcy “within days” after it failed to make debt payment on Tuesday.
Saks Global owns Saks Fifth Avenue and Saks Off Fifth stores, as well as Neiman Marcus, its off-price chain Last Call, and Bergdorf Goodman.
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