5 months ago
Saks Global said connected Friday that its CEO, Marc Metrick, has stepped down and named executive chair, Richard Baker, arsenic his successor, amid reports that nan luxury retailer is preparing for bankruptcy.
The alteration astatine nan apical comes days aft nan Wall Street Journal reported that nan Neiman Marcus genitor institution is preparing for bankruptcy aft missing an liking costs exceeding $100m connected indebtedness from its Neiman merger.
Saks Global was created aft Saks Fifth Avenue genitor Hudson’s Bay Company acquired rival Neiman Marcus, bringing together nan 2 upmarket section shop chains to power costs amid uneven request and amended compete pinch rivals specified arsenic Nordstrom, Macy’s and Bloomingdale’s.
Metrick spent astir 30 years pinch Saks, heading nan luxury portfolio including Saks Fifth Avenue and Neiman Marcus. He led Saks Global since its statement successful July 2024 and worked connected shaping nan firm’s integer translator and strategy.
“The Saks and Neiman Marcus merger has been a disaster,” said David Swartz, section shop expert astatine Morningstar, adding that luxury shoppers are shifting to Bloomingdale’s, Nordstrom and brand-owned stores. “The full luxury multibrand abstraction has been struggling for years.“
Products astatine Saks Fifth Avenue scope from astir $60 for fabric rib vessel dresses to astir $20,000 for designer dresses, pinch handbags typically priced betwixt $100 and $38,280, according to accusation connected its website.
Incoming CEO Baker is nan proprietor of existent property patient NRDC and has a agelong way grounds successful unit and property. He antecedently chaired nan Retail Opportunity Investments Corp and served arsenic nan president of nan Saks Fifth Avenue Foundation, founded successful 2017.
The institution said Metrick stepped down to prosecute “new opportunities” and has not provided immoderate further details.
The institution was looking to waste a number liking successful luxury retailer Bergdorf Goodman to thief trim debt, Reuters reported successful September.
