Marc Metrick, the CEO of luxury retailer Saks Global, resigns as bankruptcy threatens
Saks Global announced on Friday that CEO Marc Metrick has resigned, with Executive Chairman Richard Baker appointed as his successor, following reports that the luxury retailer is gearing up for bankruptcy.
The leadership shift occurs shortly after the Wall Street Journal revealed that the parent company of Neiman Marcus is gearing up for bankruptcy, having failed to make an interest payment of over $100 million related to its merger with Neiman.
Saks Global was established following the acquisition of rival Neiman Marcus by Hudson’s Bay Company, the parent of Saks Fifth Avenue. This merger aimed to consolidate the two upscale department store chains to manage costs effectively in the face of fluctuating demand and to enhance competition against rivals like Nordstrom and Macy’s, as well as Bloomingdale’s.
Metrick dedicated almost 30 years to Saks, leading the luxury portfolio that encompassed Saks Fifth Avenue and Neiman Marcus. He has been at the helm of Saks Global since its inception in July 2024, focusing on the development of the firm’s digital transformation and strategic direction.
David Swartz, a department store analyst at Morningstar, remarked, “The merger between Saks and Neiman Marcus has proven to be a disaster,” noting that luxury shoppers are increasingly turning to Bloomingdale’s, Nordstrom, and brand-owned stores.
“The entire luxury multibrand sector has faced challenges for years.”
At Saks Fifth Avenue, products vary in price, starting around $60 for cotton rib tank dresses and reaching nearly $20,000 for designer dresses. Handbags generally fall within the range of $100 to $38,280, as detailed on its website.
Incoming CEO Baker owns the real estate firm NRDC and has an extensive background in retail and property. He has previously held the position of chair at Retail Opportunity Investments Corp and has served as the president of the Saks Fifth Avenue Foundation, which was established in 2017.
The company announced that Metrick has resigned to explore “new opportunities,” but has not shared any additional information.
In September, Reuters reported that the company aimed to sell a minority stake in luxury retailer Bergdorf Goodman as a strategy to reduce debt.
