Saks Global CEO Steps Down as Bankruptcy Looms

Just days after the The Wall Street Journal reported that Saks Global is preparing for bankruptcy, having missed a $100 million debt payment, it announced that CEO Marc Metrick is stepping down to pursue new opportunities. Executive chairman Richard Baker will assume the CEO role with the promise “to secure a strong and stable future” for the company, as he asserted the company’s “well-established relationships within the luxury sector.”

Saks Global was created in 2024 after Saks Fifth Avenue parent company Hudson’s Bay Co. acquired Neiman Marcus for $2.65 billion. By marrying the two luxury chains, it sought to better compete with other retailers and department stores including Nordstrom and Macy's-owned Bloomingdale’s.

Total Retail's Take: Saks Global finds itself in a precarious financial position. Revenues fell more than 13 percent year-over-year in its most recent earnings report. Inventory shortfall was blamed for the “softer-than-expected” results.

Furthermore, rumors have swirled since early 2025 that vendor invoices have gone unpaid, resulting in brands holding back on new shipments. By most recent count, inventories are down to $1.9 billion from $2.1 billion in the first quarter. And Saks Global said inventory challenges have continued into the third quarter.

While Saks Global finds itself in a dire financial state, it does hold a valued asset: real estate. According to Forbes, Saks Global is sitting on nearly 13 million square feet of U.S. retail real estate. That real estate was estimated to be worth over $7 billion in June 2024, and likely higher in today's market. The ICSC reports that retail real estate is in high demand with occupancy rates well over 90 percent nationwide and store openings far exceeding store closings in 2025.

However, selling off real estate amounts to a short-term capital infusion, not a long-term solution for Saks Global's larger infrastructure challenges. More work needs to be done to win the loyalty of today's luxury consumer, which is required for Saks Global to turn its business around.