Saks Global CEO steps down as luxury retailer reportedly preparing for bankruptcy
The Guardian••general
Key Points:
- Saks Global CEO Marc Metrick has stepped down, with executive chair Richard Baker named as his successor amid reports the luxury retailer is preparing for bankruptcy.
- The leadership change follows news that the Neiman Marcus parent company missed an interest payment over $100 million on debt linked to its merger with Neiman Marcus.
- Saks Global was formed after Hudson’s Bay Company acquired Neiman Marcus, combining two luxury department stores to reduce costs and compete with rivals like Nordstrom and Macy’s.
- Analyst David Swartz described the Saks and Neiman Marcus merger as a failure, noting that luxury shoppers are increasingly favoring competitors such as Bloomingdale’s and brand-owned stores.
- The company is exploring financial strategies, including a potential minority
