Luxury retailer Saks Global has appointed Richard Baker as its new chief executive amid reports of looming bankruptcy.
The privately held parent of Saks Fifth Avenue made the announcement on Friday. Baker, its executive chairman, will retain that role alongside CEO duties. Long-serving executive Marc Metrick is leaving “to pursue new opportunities.”
Baker pledged action. “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 said. He aims “to secure a strong and stable future for our company.”
The move follows a missed debt payment tied to the 2024 $2.65 billion acquisition of Neiman Marcus by Hudson’s Bay Co., which created Saks Global. The entity now encompasses Saks Fifth Avenue, Saks Off 5th, Neiman Marcus, and Bergdorf Goodman, targeting rivals like Nordstrom and Macy’s Bloomingdale’s.
Facing headwinds from high interest rates and cautious luxury spending, the firm sold Neiman Marcus’s Beverly Hills store and restructured $1.5 billion in debt last August.
Baker, who led the Neiman Marcus deal, heads major U.S. developer National Realty & Development Corp. and previously transformed Retail Opportunity Investments Corp. into a Nasdaq-listed REIT.
This comes as Saks Global battles to stabilise amid retail sector turbulence.