Saks Global announces new CEO Richard Baker amid bankruptcy reports
CNBC••general
Key Points:
- Saks Global has appointed Richard Baker, the company's executive chairman, as its new CEO amid reports that the retailer is close to filing for bankruptcy protection.
- Longtime Saks executive Marc Metrick is leaving the company after three decades, with the official statement citing his departure to pursue new opportunities.
- The leadership change comes as Saks Global prepares to file for bankruptcy following a missed debt payment related to its 2024 acquisition of Neiman Marcus.
- Saks Global was formed after Hudson's Bay Company acquired Neiman Marcus for $2.65 billion, combining several luxury retail brands to better compete in the market.
- Richard Baker, credited with leading the Neiman Marcus acquisition and possessing a strong real estate background, aims to stabilize and strengthen the company's position
