Marc Metrick has stepped down as CEO of Saks Global, the company announced Friday, Jan. 2, 2026.
The leadership change comes as the luxury retailer missed an interest payment on its debt Tuesday, Dec. 30, 2025, an amount that totaled more than $100 million, reports The Wall Street Journal. Now the company is reportedly weighing its options, including bankruptcy, according to The New York Times.
Financial Struggles Mount At Saks Global
Saks’ financial troubles stem largely from its $2.7 billion acquisition of Neiman Marcus Group, which also includes Bergdorf Goodman, in 2024. While the merger intended to create a luxury empire — delivering cost savings, stronger brand leverage, and improved customer experiences through shared loyalty programs — Saks has struggled to boost sales since the deal closed, per The Times.
In October 2025, the retailer lowered its full-year guidance and reported that revenue for the quarter ended Aug. 2 fell to $1.6 billion — a more than 13% decrease from the year before.
“Today, over 30 years after joining Saks, I’m saying goodbye to a company, a group of brands, a family, a large piece of my being, twenty eight years later than I originally thought I’d be leaving just ‘a job,'” Metrick said in a post on LinkedIn following the announcement.
“…The last few years have been challenging, but I will look back with pride on everything the team accomplished. This is a hard business, even when times are good, but it is when times are tough that you really learn about your colleagues,” he continued.
Who Is Marc Metrick?
Metrick started at Saks in 1995 and held various executive roles before becoming president of Saks Fifth Avenue in 2015, per the company’s news release. He was later named chief executive of the newly formed group, with the company planning to keep its brands separate while elevating service for its clientele and expanding its product offerings.
However, the debt used to combine the companies — including a roughly $2.2 billion loan — weighed on the merger, as interest payments constrained the company’s cash, per The Times.
In addition to strained vendor relationships caused by overdue payments, which hindered efforts to improve merchandise for the merger, Saks also faced concerns about reduced U.S. consumer spending on luxury goods, as shoppers grappled with inflation, trade tensions, and slowing job growth.
“We’ve worked through the tragedy of 9/11, the uncertainty of the 2008 Financial Crisis, and of course the scary and devastating impact of the COVID pandemic,” Metrick added in his LinkedIn post. “Through all of those moments, I know I’ve given the company my everything and I also know, it gave me everything back.”
Executive Chairman Richard Baker Takes Helm
Richard Baker, executive chairman of Saks Global, has assumed the role of CEO, per a company statement. Baker spearheaded the creation of the aspiring powerhouse, including Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman.
“I look forward to continuing to work with our highly experienced management team, valued partners, and other stakeholders to secure a strong and stable future for our company,” Baker said in a statement. “Across Saks Global, with our deep industry expertise, well-established relationships within the luxury sector, and talented employees, we will strengthen our position so that we can capitalize on the many opportunities we see for our company in the luxury market.”
He added, “Marc has been a valued leader at Saks for many years, helping to drive significant transformation and growth while solidifying the company’s enduring position in luxury. We thank Marc for his leadership and dedication and wish him continued success in his next chapter.”
