Saks CEO steps down as luxury retailer struggles under heavy debt load
ABC News••general
Key Points:
- Marc Metrick, CEO of Saks Global Enterprises, is stepping down immediately amid struggles with debt from the company's $2.65 billion acquisition of Neiman Marcus in 2024.
- Executive Chairman Richard Baker will replace Metrick as CEO while continuing his role as executive chairman.
- Saks Global faces challenges from a fragmenting luxury goods market and heavy debt, exacerbated by expected global sales contractions in luxury goods for the second consecutive year in 2026.
- The company, formerly known as Saks Fifth Avenue, rebranded to Saks Global after acquiring Neiman Marcus and has taken steps like a $600 million notes offering to improve liquidity.
- Metrick, who joined Saks in 1995 and became CEO
