Amid rumors of a potential bankruptcy filing and following a missed interest payment on bonds, Saks Global announced that Richard Baker, executive chairman, has assumed the role of CEO, overseeing the company’s luxury retail operations.
Baker will remain executive chairman as former CEO Marc Metrick leaves to pursue new opportunities, according to Saks.
Baker will work closely with the company’s management team to advance a Saks transformation, the company stated, delivering exceptional products, elevated experiences and highly personalized service to meet luxury consumer demand.
In a research note, Pulse Ratings noted that Saks’ recent missed interest payment could lead to a default and that the company remains behind on supplier payments.
