After Saks Bankruptcy, Richard Baker Says He Saved Luxury Department Stores
The New York Times • • general
Key Points:
- Saks Global, the parent company of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, filed for bankruptcy just 13 months after its formation, putting the future of these iconic luxury retailers at risk.
- Former chairman Richard Baker, who played a key role in the company's creation, defended his record, attributing the bankruptcy to external factors such as economic strain on shoppers, tariffs, and vendor concerns fueled by negative publicity.
- The bankruptcy has led to the closure of numerous stores, including 57 Saks Off 5th locations and all Neiman’s Last Call stores, resulting in significant job losses and unpaid debts exceeding $700 million to major luxury brands.
- Baker’s history includes ownership of other department stores like Lord &
