Saks Global CEO Resigns Amid Bankruptcy Talks

Mark Metric, the CEO of Saks Global, announced his resignation on Friday as the company, which owns luxury department stores like Saks Fifth Avenue and Neiman Marcus, is reportedly preparing to file for bankruptcy protection.

Richard Baker, the current executive chairman, will step in as CEO. This transition comes as Saks Global is in discussions with creditors after missing $100 million in debt payments to bondholders.

Throughout the past year, Saks has experienced numerous delays in payments to vendors. The company has not yet made any public statements regarding the potential bankruptcy filing.

In a statement, Metric expressed pride in his nearly 30-year tenure, highlighting achievements like building a strong team and enhancing Saks.com’s status as a leading luxury e-commerce destination.

Despite Metric’s exit, the company conveyed that he is leaving to seek new opportunities. Sales across Saks Global stores, including Bergdorf Goodman and Saks Off Fifth, decreased by 13% in the most recent quarter, which concluded on August 2.

In June, Saks raised $600 million in capital to manage debt repayments and has been looking to sell a minority stake in Bergdorf to generate further funds.

The merger with Neiman Marcus happened concurrently with a downturn in luxury goods demand. Saks Global operates more than 70 department stores and holds the title of the world’s largest luxury retailer, which has recently seen multiple layoffs.

Richard Baker, addressing Metric’s departure, acknowledged his significant contributions, stating, “Mark has been a valued leader at Saks for many years, solidifying the company’s enduring position in luxury and helping drive significant transformation and growth.” Baker extended gratitude for Metric’s leadership and sincerity, wishing him success in his future endeavors.