The Tamesis
Saks Global announced Friday that CEO Marc Metrick is resigning after 30 years with the retailer. Saks Global is reportedly preparing to file for Chapter 11 bankruptcy, with Richard Baker, currently executive chairman, set to take over.
“I look forward to continuing to work with our experienced management team, valued partners and other stakeholders to ensure a strong and stable future for our company,” Baker said in a statement. “At Saks Global, with our deep industry expertise, well-established relationships within the luxury industry, and talented employees, we will strengthen our position so that we can fully capitalize on the many opportunities our company sees in the luxury market.”
The executive shakeup comes just days after Saks Global failed to repay its latest $100 million debt payment on Dec. 30, fueling speculation that the retailer is heading toward bankruptcy. Asked about the potential move, a Saks Global spokesperson said in a statement: “We are exploring all potential avenues with our key financial stakeholders to ensure a strong and stable future for Saks Global and advance our transformation while delivering superior products, premium experiences and personalized service to our customers.”
Metrick began his career with Saks in 1995 and steadily rose through the leadership ranks. He was named CEO in 2015 and led the company’s $2.7 billion acquisition of Neiman Marcus, creating Saks Global in December. The retail group has since struggled under the debt burden of the merger, with its financial problems intensifying during the year.
The company has struggled to pay suppliers on time, and in December, Saks Factor Hilldun Corporation suspended approval of shipments to Saks after the retailer missed payments for two weeks. Saxophone inventory and selection suffered as a result, impacting sales. The company has closed stores, sold real estate and is reportedly considering selling a minority stake in Bergdorf Goodman to pay down debt.
Baker is now tasked with implementing a rescue plan for Saks Global, the largest multi-brand luxury retailer. The bankruptcy would have a significant impact on the entire retail industry, especially for independent designer brands that have weathered other multi-brand retail woes from Ssense to Matches.
“I’m proud of what we’ve accomplished together, from building a world-class team to building Saks.com into the leading luxury e-commerce platform,” Metrick said in a statement. “I’m extremely grateful to my colleagues, partners and the entire Saks community for their support and partnership over the years.”
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