Pedestrians passing in front of Saks Fifth Avenue Inc. women’s clothing store on Brookfield Place in New York, USA
Alison Joyce | Bloomberg | Getty Images
Saks Global named a new CEO on Friday as it reportedly prepares to file for bankruptcy protection.
The privately held parent company of luxury department store chain Saks Fifth Avenue will now be led by its executive chairman, Richard Baker, Saks said in a news release. He will continue to serve as Executive Committee Chairman.
As part of the shake-up, Mark Metric, who served as a Saks executive for 30 years, will be leaving the company. Metrics is exiting the company “to pursue new opportunities,” according to a news release.
Baker said in a statement that he is working “to ensure a strong and stable future for our company.”
“Across Saks Global, we will leverage our deep industry expertise, established relationships in the luxury sector, and talented employees to strengthen our position to take advantage of the many opportunities we see in the luxury market,” he said.
Saks is preparing to file for bankruptcy after failing to pay debts related to its 2024 acquisition of department store chain Neiman Marcus, The Wall Street Journal reported on Wednesday, citing people familiar with the matter.
This is the latest development in the luxury department store operator’s efforts to regain its footing. Saks Global was formed in 2024 after Saks Fifth Avenue’s parent company, Hudson’s Bay Company, acquired Neiman Marcus for $2.65 billion. By partnering with the two luxury chains, the company sought to better compete with other retailers and department stores, including Nordstrom and Nordstrom. Macy’s-Owned by Bloomingdale’s.
The deal makes Saks Global a larger company that includes Saks Fifth Avenue, its off-price chain Saks Off Fifth, Neiman Marcus’ namesake department store chain, and Bergdorf Goodman.
Still, the company has taken clear steps to raise cash and strengthen its finances, including the recent sale of Neiman Marcus’ Beverly Hills flagship store and the debt restructuring of Saks Global in August 2025.
In his biography posted on Saks Global’s website, the company credited Baker with leading the acquisition of Neiman Marcus and described his strong background in real estate. Mr. Baker is the owner of National Realty & Development Corporation, one of the largest real estate development companies in the United States, and previously served as Chairman of the Board of Directors of Retail Opportunity Investments Corporation, which he transformed into a Nasdaq-listed real estate investment trust.
