Department store ‍Saks ‍Global ⁠said Friday CEO ​Marc Metrick ‍has stepped down ⁠and named ⁠insider Richard ​Baker ⁠as ‍his ‌successor. In addition to the CEO role, Baker will continue to serve as Executive Chairman.

Metrick spent nearly 30 years with ‍Saks, heading the luxury portfolio including Saks Fifth ⁠Avenue and Neiman Marcus. He led Saks Global since its formation in July 2024 and worked on shaping the firm's digital ⁠transformation and strategy.

Incoming CEO ​Baker is ⁠the owner of real estate firm NRDC and has ‍a long track record in retail and property.

He previously chaired Retail Opportunity Investments Corp and served as the president of Saks Fifth ⁠Avenue ​Foundation, founded in ‍2017.

The company said Metrick stepped down to pursue "new opportunities" and has not ‍provided any further details.

Saks Global prepared Wednesday to file for bankruptcy in the ⁠coming weeks after missing a debt payment tied to its Neiman Marcus acquisition.

The parent of high-end department store chain Saks Fifth Avenue failed ‍to make an interest payment of over $100 ‍million due on Tuesday on its bonds, and is in talks with its creditors to secure financing for ⁠the bankruptcy process.

Saks Global did not immediately respond to a Reuters request for comment.

The company has been struggling ​to revive demand in the U.S. as rising inflation and a weakening labor market have curbed discretionary spending, including on luxury items.

Over the past year, ‍the company was looking to sell a minority stake in luxury retailer ⁠Bergdorf Goodman to help reduce debt, a Saks Global spokesperson told Reuters in September.

During this period, it also aimed to raise cash through the sale of assets like a Beverly Hills property.

In August 2025, Saks ​Global completed a ⁠debt restructuring that included about $600 million in new money and an exchange of its $2.2 billion ‍senior secured notes.

Hudson's Bay Company created the firm in July last year following its $2.65 ‌billion acquisition of department store chain Neiman Marcus.

The move combined Saks Fifth Avenue, Neiman Marcus and other luxury retail and real estate assets ⁠to better ​compete with department store ‍operators such as Nordstrom, Bloomingdale's and Macy's.

The deal was funded by new investors such as Amazon, Authentic Brands Group, ‍Salesforce and others, along with $2.2 billion in senior secured notes and an asset-based credit facility