Saks Global CEO steps down as company faces reports of possible bankruptcy

Saks Global said CEO Marc Metrick has stepped down and executive chair Richard Baker will take over; reports say the Neiman Marcus parent missed an interest payment exceeding $100 million and was preparing for bankruptcy.

Saks Global announced that Marc Metrick has stepped down as chief executive and that executive chair Richard Baker will replace him. The announcement followed reports that the Neiman Marcus parent missed an interest payment of more than $100 million and was preparing for bankruptcy. The business was formed after the Hudson's Bay Company combined Saks Fifth Avenue and Neiman Marcus in 2024. Key developments: - Marc Metrick has left the CEO role; the company said he stepped down to pursue "new opportunities." - Executive chair Richard Baker has been named as the incoming chief executive. - Reports, including the Wall Street Journal, said the Neiman Marcus parent missed an interest payment exceeding $100 million and was preparing for bankruptcy. - Reuters previously reported the company had explored selling a minority stake in Bergdorf Goodman to reduce debt. Summary: The leadership change comes amid reports of a significant missed interest payment and possible bankruptcy preparations; the immediate operational status beyond the CEO transition is undetermined at this time. No formal legal filings or restructuring steps have been announced in the reporting available.