Saks Global CEO steps down amid reports luxury company is preparing to

Saks Global CEO steps down amid reports luxury company is preparing to

Saks Global CEO Marc Metrick is stepping down amid reports that the company, which owns luxury division retailer chains including Saks Fifth Avenue and Neiman Marcus, is preparing to file for chapter safety, the retailer said Friday.

Metrick, who oversaw Saks’ $2.7 billion acquisition of Neiman Marcus last yr, shall be succeeded by the company’s government chairman, Richard Baker.

Baker is taking over operations as Saks Global is reportedly in discussions with its collectors after lacking a $100 million debt cost to its bondholders this week.

Marc Metrick stepped down as CEO of Saks Global. WWD through Getty Images

Throughout last yr, Saks repeatedly delayed funds to its distributors.

Saks is yet to publicly touch upon the chapter reports.

“After nearly three decades with Saks, I will be stepping down as chief executive officer,” Metrick said in a press release. “From building a world-class team to establishing Saks.com as a leading luxury ecommerce platform, I am proud of what we accomplished.”

The company said the exec, who led Saks Fifth Avenue since 2015, is leaving to “pursue new opportunities.”

Sales by Saks Global shops, which embody Bergdorf Goodman and Saks Off fifth, dropped 13% in the company’s most latest quarter, which ended Aug. 2.

Saks raised $600 million in capital to cowl its debt cost in June, and it has sought to promote a minority stake in Bergdorf to increase more funds.

Executive chairman, Richard Baker, is taking over as CEO of Saks Global. Saks Global

Saks Global operates 70 department shops, including the landmark Saks Fifth Avenue in NYC. Bloomberg through Getty Images

The merger with Nieman Marcus coincided with a droop in demand for luxury items.

There have been a number of rounds of  layoffs this yr at the company, which operates more than 70 department shops and is the largest luxury retailer in the world.

“Marc has been a valued leader at Saks for many years, helping to drive significant transformation and growth while solidifying the company’s enduring position in luxury,” Baker said in assertion. “We thank Marc for his leadership and dedication and wish him continued success in his next chapter.”

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