Saks CEO Marc Metrick steps down amid experiences of doable chapter

Saks World stated Friday, January 2, 2026, that CEO Marc Metrick has stepped down, after practically three a long time with Saks. As experiences flow into that the luxurious retailer could also be making ready for chapter, the corporate named Government Chairman Richard Baker as his successor. “This transition displays Mr. Metrick’s want to pursue new alternatives,” stated the department-store chain.

Saks World Properties & Investments consists of Saks Fifth Avenue and Neiman Marcus flagship properties and represents practically 13 million sq. toes of prime U.S. actual property holdings and investments in luxurious markets. In accordance with The Wall Road Journal, the group would have missed an curiosity fee exceeding USD 100 million on debt incurred by way of its Neiman merger. The retail big can be contemplating restructuring choices, together with a Chapter 11 chapter submitting, amid ongoing liquidity pressures.

Along with the CEO function, Richard Baker will proceed to function Government Chairman. “I look ahead to persevering with to work with our extremely skilled administration group, valued companions, and different stakeholders to safe a powerful and steady future for our firm. Throughout Saks World, with our deep business experience, well-established relationships inside the luxurious sector, and proficient workers, we are going to strengthen our place in order that we will capitalize on the various alternatives we see for our firm within the luxurious market,” he stated.

Saks World is the biggest multi-brand luxurious retailer on the earth, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Final Name, and Horchow.