Marc Metrick Steps Down as Saks Global CEO Amid Bankruptcy Preparations
Marc Metrick has stepped down as CEO of Saks Global, the luxury retail company formed after Hudson’s Bay Company acquired Neiman Marcus to consolidate two luxury chains amidst competitive pressures and rising costs. Executive Chair Richard Baker will succeed him. Metrick, who led Saks Global since July 2024 and had nearly 30 years with Saks, oversaw the company's digital transformation and managed its luxury portfolio, including Saks Fifth Avenue and Neiman Marcus. The company has faced significant financial challenges, including reports from The Wall Street Journal that Neiman Marcus’s parent company missed over $100 million in interest payments on debt resulting from the Neiman merger and is preparing for bankruptcy. Analysts have described the Saks-Neiman merger as a disaster, noting declines in the luxury multibrand space as shoppers shift to competitors such as Bloomingdale’s, Nordstrom, and brand-owned stores. Saks Fifth Avenue’s price range includes cotton rib dresses starting around $60 to designer dresses nearing $20,000, with handbags priced between $100 and $38,280. Prior to Metrick's departure, the company considered selling a minority stake in Bergdorf Goodman to reduce debt, as reported by Reuters in September. The incoming CEO, Richard Baker, is the owner of NRDC real estate, former chair of Retail Opportunity Investments Corp, and president of the Saks Fifth Avenue Foundation, founded in 2017. Metrick left to pursue "new opportunities," though the company did not provide further details.
