Marc Metrick is stepping down as CEO of Saks Global Enterprises, the luxury retail group that includes Saks Fifth Avenue, Bergdorf Goodman, Neiman Marcus and other brands, the company announced Friday. The leadership change comes as the business faces financial pressures following its acquisition of Neiman Marcus and ongoing debt challenges.

Metrick had been with Saks for nearly 30 years, joining the company in 1995 and rising through a series of leadership roles before becoming CEO of the combined luxury group. His tenure included overseeing the integration of multiple iconic department store brands and expanding Saks.com into a key e-commerce platform for luxury consumers.

The company said Executive Chairman Richard Baker, who also leads real estate firm NRDC Equity Partners, will take over as CEO in addition to his chairman duties. Baker has extensive experience in retail and has been closely involved in strategic decisions since the group’s formation. In his new role, he will work with the existing management team to guide the business through its current challenges.

Saks Global has been navigating a tough retail environment, with sales declines, rising costs and a heavy debt load creating headwinds. The pressure intensified after the $2.7 billion acquisition of Neiman Marcus in late 2024, which significantly increased the company’s leverage. Since then, the group has faced missed interest payments and strained relationships with some vendors.

Reports indicate that the company has been in discussions with creditors about potential restructuring options to shore up liquidity. Earlier this year, Saks Global missed an interest payment of roughly $100 million tied to acquisition-related debt, prompting speculation about a possible Chapter 11 bankruptcy filing if a deal could not be reached. The company has not confirmed any bankruptcy plans, but it continues to explore strategic options with financial advisers.

In addition to financial pressures, the luxury retail sector as a whole has been under strain. High-end consumers are adjusting their spending habits amid broader economic uncertainty, and competition from both online retailers and niche luxury brands has intensified. These forces have made it harder for large department store groups to maintain growth without leaner cost structures and sharper positioning.

Despite these headwinds, Metrick highlighted achievements during his time at the company. Under his leadership, Saks expanded digital capabilities and worked to modernise customer experiences across channels. The company also focused on partnerships, loyalty programmes and curated product assortments meant to appeal to a new generation of luxury shoppers.

In a statement, Metrick expressed gratitude for his time with the company and pride in the teams he worked with over the years. He said he looks forward to pursuing new opportunities but declined to share specific plans. His departure marks the end of an era for a leader who helped shape Saks’ strategy across multiple transformative phases.

As Baker steps into the CEO role, industry observers say his immediate priorities will likely include stabilising finances, strengthening vendor relationships and clarifying the group’s long-term strategy. Baker has previously led major retail restructurings and is seen as someone who can navigate complex negotiations with creditors and stakeholders.

Analysts note that maintaining customer experience and brand relevance will be critical as the company works through its debt challenges. The luxury consumer remains a valuable but discerning segment, and any disruption to service or inventory could have reputational impacts.

Saks Global has already taken steps to improve its financial position, including securing financing and exploring asset sales. In 2025, the group raised capital through debt offerings and considered selling stakes in properties like Bergdorf Goodman’s iconic Fifth Avenue flagships, although those deals have not been finalised.

The leadership change comes at a critical juncture, with the company’s performance and strategic direction likely to attract close attention from investors, creditors and industry watchers. How Baker and the management team balance financial discipline with investment in customer experience will shape the retailer’s trajectory in the months ahead.

For now, Metrick’s departure underscores the challenges facing large, multi-brand luxury retailers in an era of shifting consumer behaviour and economic unpredictability. His legacy includes digital expansion and brand integration, while the next chapter for Saks Global will test the company’s resilience and adaptability under new leadership.