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Luxury retailer Saks Global CEO Marc Metrick steps down as bankruptcy looms
Marc Metrick steps down as Richard Baker takes over Saks Global amid missed $100 million interest payment and looming bankruptcy due to debt from 2024 Neiman Marcus acquisition.
- On Friday, Saks Global said CEO Marc Metrick stepped down and Executive Chairman Richard Baker was named his successor, with Baker continuing as chairman while Metrick pursues new opportunities.
- The group's costly 2024 acquisition left it with heavy debt as Saks Global's $2.65 billion purchase of Neiman Marcus saddled it with acquisition-related debt and missed an interest payment exceeding $100 million, the Wall Street Journal reported on Wednesday, prompting a $600 million notes offering.
- Richard Baker brings a long retail and real estate background as NRDC owner and is credited with leading the Neiman Marcus acquisition, underscoring his expertise.
- Facing weaker luxury demand, Saks Global has pursued asset sales including Neiman Marcus's Beverly Hills flagship and explored minority-stake deals for Bergdorf Goodman as global luxury goods market sales are expected to contract in 2026.
- Industry analysts point to a years-long struggle across the luxury multibrand space, with David Swartz saying the Saks and Neiman Marcus merger has been a disaster amid shopper shifts to Nordstrom and Macy's Bloomingdale's.
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51 Articles
51 Articles
CEO of Neiman parent co. steps down ahead of anticipated bankruptcy filing
The CEO of Neiman Marcus parent company Saks Global has stepped down and a new chief executive has been named ahead of an anticipated bankruptcy filing. Read about this and other difficulties the Dallas-born luxury retailer has faced in North Texas over the past year.
·United States
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Coverage Details
Total News Sources51
Leaning Left8Leaning Right6Center18Last UpdatedBias Distribution56% Center
Bias Distribution
- 56% of the sources are Center
56% Center
L 25%
C 56%
R 19%
Factuality
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