Marc Metrick stepped down as chief executive of Saks Global on Friday as the luxury department store group grapples with financial difficulties, including a missed loan payment and the potential for bankruptcy protection. Richard Baker, the executive chairman of Saks Global and the architect behind the retail group, has assumed the role of chief executive, according to a company statement.
The company missed an interest payment on its debt Tuesday and is evaluating its options, which include filing for bankruptcy, according to a source familiar with the situation. Saks Global accumulated significant debt, largely stemming from its $2.7 billion acquisition of Neiman Marcus Group in 2024. Since the deal's completion, Saks has struggled to revitalize sales.
In October, the retailer revised its full-year guidance downward, reporting a revenue decline of more than 13 percent to $1.6 billion for the quarter ending August 2 compared to the previous year. A representative for Saks declined to comment on the developments.
The merger of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman was intended to create a luxury retail powerhouse, generating cost savings and synergies. However, Saks has faced challenges in integrating the businesses and adapting to changing consumer preferences and the rise of online retail. The company's struggles reflect broader challenges within the department store sector, as traditional retailers compete with e-commerce giants and evolving shopping habits.
The company's current financial situation raises questions about its long-term viability and the future of its iconic brands. The appointment of Richard Baker as chief executive signals a renewed focus on strategic direction and financial restructuring as Saks Global navigates its current challenges. The company is now considering its next steps as it seeks to address its debt burden and improve its financial performance.
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