Saks Global CEO Steps Down Amid Debt Crisis

Saks Global Enterprises, the New York-based owner of luxury retailers Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, announced on Friday that its chief executive, Marc Metrick, has stepped down amid mounting financial pressures that include a missed interest payment and preparations for potential bankruptcy.

Metrick, who had led the company since its formation in July 2024, will be replaced immediately by Executive Chairman Richard Baker, who will assume both roles. The company stated that Metrick is leaving after nearly three decades with Saks to pursue new opportunities. Baker, a real estate executive and key figure in the company's recent history, said in a statement, "With our deep industry expertise, well-established relationships within the luxury sector, and talented employees, we will strengthen our position." Metrick, in his own statement, reflected on his tenure: "From building a world-class team to establishing Saks.com as a leading luxury e-commerce platform, I am proud of what we accomplished."

The leadership change comes days after Saks Global missed an interest payment exceeding $100 million due to bondholders on December 31. According to reports, the...