Saks Global appointed Richard Baker as the new CEO amidst reports of impending bankruptcy. Three-decade Saks veteran Marc Metrick will depart the company. Baker aims to ensure a stable future for Saks amidst financial challenges. The luxury department store operator is facing bankruptcy after missing a debt payment linked to the acquisition of Neiman Marcus in 2024. The merger aimed to enhance competitiveness in the luxury market against rivals like Nordstrom and Bloomingdale’s. Saks Global has taken measures to improve financial health, including asset sales and debt restructuring. Baker’s real estate expertise played a key role in the Neiman Marcus acquisition.

Read more at CNBC: Saks Global announces new CEO Richard Baker amid bankruptcy reports