Saks Global Enterprises, which operates Saks Fifth Avenue and Neiman Marcus, said Friday its CEO Marc Metrick stepped down, effective immediately
ByThe Associated Press
January 2, 2026, 12: 51 PM
NEW YORK — The top executive of the private company that owns Saks Fifth Avenue and Neiman Marcus is stepping down as it struggles with debt taken on to buy a rival almost two years ago.
Saks Global Enterprises said Friday that the departure of CEO Marc Metrick is effective immediately, and that he will be replaced by Executive Chairman Richard Baker. Baker will continue to serve as executive chairman.
In addition to debt from Saks’ $2.65 billion acquisition of Neiman Marcus in the summer of 2024, the company is facing increasing competition from a fragmenting luxury goods sector.
Hudson’s Bay Co., the Canadian owner of Saks Fifth Avenue, split off the luxury retailer’s e-commerce business, Saks.com in 2021. After acquiring Neiman Marcus three years later, Sa