New York — Saks Global has appointed Richard Baker as the new CEO of the luxury retail chain, marking a significant leadership transition as the company braces for potential bankruptcy protection. The move comes as the firm grapples with financial instability, including missed debt payments linked to its recent acquisition of Neiman Marcus.
Baker, who has served as the executive chairman, will retain that position in tandem with his new role as CEO. His predecessor, Marc Metrick, who has been with Saks for over three decades, is departing to pursue other opportunities. Baker’s ascent to leadership comes at a pivotal time, with the company under pressure to stabilize its operations.
In a statement, Baker emphasized a commitment to fortifying the company’s future. “With our extensive expertise and established relationships in the luxury market, we aim to solidify and enhance our position,” he said, expressing confidence in the potential for growth within the sector.
Saks is poised to file for bankruptcy, an indication of ongoing challenges in maintaining financial health. Reports suggest this decision follows the retailer’s failure to meet its obligations related to the $2.65 billion acquisition of Neiman Marcus, which had been finalized in 2024. This move was intended to create a formidable entity capable of competing more effectively against rivals like Nordstrom and Bloomingdale’s.
Saks, which operates several high-end brands, including Saks Fifth Avenue and Saks Off 5th, has been actively trying to improve its financial standing. Recent efforts include the sale of Neiman Marcus’ flagship location in Beverly Hills and a debt restructuring initiative completed in August 2025. These actions reflect a proactive approach to managing its financial obligations.
Baker’s background in real estate is seen as a strategic asset in this turbulent landscape. He has previously led successful real estate ventures, including the transformation of Retail Opportunity Investments Corporation into a publicly traded REIT. His extensive experience is expected to inform Saks’ approach as it seeks to navigate the complexities of the luxury retail market.
As the company embarks on this new chapter, stakeholders are watching closely for signs of recovery. The luxury retail sector has proven resilient in the past, and Baker’s leadership will play a crucial role in determining whether Saks can overcome its current challenges and capitalize on future opportunities.
