Saks Global said on Friday that its CEO Marc Metrick will step down, amid reports that the luxury retailer is preparing to file for bankruptcy.
The company added that Executive Chairman Richard Baker will take on the additional role of CEO.
The leadership change comes after the Wall Street Journal reported on Thursday that Saks is preparing to file for bankruptcy within days after failing to make an interest payment of more than $100 million that was due on Tuesday to its bondholders.
It was during Metrick’s tenure that the New York-based company was formed in 2024, after Saks Fifth Avenue’s parent company, Hudson’s Bay Co., acquired its rival Neiman Marcus for $2.65 billion to better compete with rivals like Nordstrom and Bloomingdale’s.
The company said Metrick stepped down to pursue “new opportunities” and did not provide any further details.
Luxury Market Decline Hits Saks
Saks Global has recently faced significant financial challenges, as global personal luxury goods sales are expected to decline for the second straight year amid high prices and economic uncertainty, according to a Bain & Co. study.
In September, Reuters reported that Saks Global was exploring the sale of a minority stake in luxury retailer Bergdorf Goodman to help reduce debt.
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