Marc Metrick stepped down as chief executive of Saks Global on Friday, following the luxury department store group's missed loan payment and consideration of 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.

Saks Global missed an interest payment on its debt Tuesday and is evaluating its options, including a potential bankruptcy filing, according to a source familiar with the matter. The company's debt burden increased significantly following 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. The merger aimed to create a luxury retail powerhouse, generating cost savings and synergies.

A representative for Saks declined to comment on the developments. The company's current financial situation raises questions about the viability of its business strategy and its ability to compete in the evolving luxury retail market. The appointment of Richard Baker as CEO signals a potential shift in strategy as the company navigates its financial challenges. The coming weeks will be critical as Saks Global determines its next steps and works to address its debt obligations.