Saks Global Appoints New CEO Amid Bankruptcy Rumors

Richard Baker takes over as Saks Global faces mounting financial pressures and debt challenges following its Neiman Marcus acquisition.

Apr. 12, 2026 at 3:23am

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A minimalist studio still life featuring a stack of luxury fashion magazines, a gold-plated pen, and a sleek black smartphone, conceptually representing the financial pressures facing the traditional department store industry.As Saks Global navigates a turbulent chapter, the luxury retailer's future hangs in the balance amid bankruptcy rumors and a leadership shakeup.Beverly Hills Today

In a surprise move, Saks Global has appointed Richard Baker, the company's executive chairman, as its new CEO amid swirling rumors of an impending bankruptcy filing. This leadership transition comes as the luxury retailer struggles with the financial fallout from its 2024 acquisition of Neiman Marcus, which has reportedly saddled Saks Global with significant debt it is now struggling to manage.

Why it matters

The fate of Saks Global, a once-iconic luxury brand, has major implications for the broader retail landscape. This leadership shakeup and the potential bankruptcy filing raise questions about the viability of large-scale mergers and acquisitions in the industry, as well as the long-term sustainability of traditional department store models in the face of increasing competition from e-commerce and specialty retailers.

The details

Baker's appointment as CEO is seen as a strategic gamble to try to stabilize Saks Global's finances and secure its future. The company has reportedly missed a critical debt payment related to the Neiman Marcus acquisition, which industry insiders believe is the tipping point that has sparked the bankruptcy rumors. Saks Global has also made recent efforts to raise cash, including the sale of Neiman Marcus' Beverly Hills flagship store and a debt restructuring in August 2025, but these moves have not been enough to stave off the financial challenges.

  • On Friday, Saks Global announced the leadership transition.
  • The missed debt payment related to the Neiman Marcus acquisition is said to be the catalyst for the bankruptcy rumors.

The players

Richard Baker

The new CEO of Saks Global and the company's executive chairman. Baker has a strong background in real estate and was the architect of the Neiman Marcus acquisition.

Marc Metrick

The former CEO of Saks Global, who is leaving the company to 'pursue new opportunities.'

Saks Global

The parent company of the Saks Fifth Avenue luxury department store chain, which is facing mounting financial pressures and bankruptcy rumors.

Neiman Marcus

The luxury department store chain that Saks Global acquired in a $2.65 billion deal in 2024, which has reportedly saddled the company with significant debt.

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What they’re saying

“We must secure a strong and stable future for Saks Global, leveraging our deep industry expertise, luxury sector relationships, and talented workforce.”

— Richard Baker, CEO, Saks Global

What’s next

The judge in the case will decide on Tuesday whether or not to allow Saks Global to restructure its debt or file for bankruptcy.

The takeaway

This case highlights the challenges facing traditional department stores as they grapple with the financial fallout from mergers and acquisitions, rising competition from e-commerce, and the need to adapt their business models to changing consumer preferences.