Saks Global CEO exits as it nears bankruptcy

Saks Global confirmed that Metrick will step down from his role after three decades at the helm, following a “desire to pursue new opportunities”, with existing executive chair Richard Baker taking over as his successor.

Baker will continue to serve as executive chair alongside his new role as CEO of the group.

Metrick said of his departure: “After nearly three decades with Saks, I will be stepping down as chief executive officer. I began my career at Saks in 1995 and have had the privilege of serving in many roles across merchandising, marketing, and strategy. In 2015, I took over leadership of Saks Fifth Avenue, helping to drive innovation and growth during one of the most dynamic periods in retail history.

“From building a world-class team to establishing Saks.com as a leading luxury ecommerce platform, I am proud of what we accomplished together.”

Baker added: “I look forward to continuing to work with our highly experienced management team, valued partners, and other stakeholders to secure a strong and stable future for our company.”

The news comes as Saks Global is reportedly preparing for a potential bankruptcy filing after failing to pay a $100m (£74.1m) interest payment linked to its acquisition of Neiman Marcus, according to The Wall Street Journal.

Drapers has contacted Saks Global for comment.

Drapers revealed in October that small and medium-sized British brands stocked by the Saks Global-owned US department store chains were grappling with uncertainty surrounding delayed payments for stock.

At the time, Saks Global was understood to owe hundreds of thousands of pounds in late payments for stock to brands.

A Saks Global spokesperson told Drapers at the time: “With inventory levels normalising and the significant synergies from our integration, we expect performance to improve through the holiday season and into 2026. We remain committed to fulfilling all of our obligations to our partners.”