Saks Global, the parent company of Neiman Marcus, announced on Friday its chief executive would step aside as the company grapples with financial strains associated with its 2024 acquisition of the iconic Dallas retailer.
Marc Metrick has stepped down as CEO, the firm said in a news release. Richard Baker, executive chairman of Saks Global, will now also serve as the company’s new CEO.
The change “reflects Mr. Metrick’s desire to pursue new opportunities,” the company said in a statement.
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“After nearly three decades with Saks, I will be stepping down as Chief Executive Officer,” Metrick said in a statement.
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“I began my career at Saks in 1995 and have had the privilege of serving in many roles across merchandising, marketing, and strategy,” he added. “I am deeply grateful to my colleagues, partners, and the entire Saks community for their support and collaboration over the years.”
Metrick’s departure comes after both Bloomberg News and The Wall Street Journal reported the Saks was on the verge of filing for Chapter 11 bankruptcy after missing an interest payment on the debt it took on to buy Neiman Marcus.
The WSJ reports that Saks Global failed to make an interest payment of over $100 million on bonds.
Saks has not publicly acknowledged those reports, and two inquiries to the company by The Dallas Morning News went unanswered this week.
The fate of the downtown Neiman Marcus has been in question since early 2025 after company leaders announced it was set to close at the end of March. The saga ended as last-minute negations between civic leaders and company representatives temporarily spared the shop from shuttering.
In November, The News reported the downtown Neiman Marcus store would remain open through the 2025 holiday season as it works with city leaders on plans for the property, but its future was unclear.
When reached Friday by email, Saks executives provided no updates regarding the downtown property.
“We continue to have productive conversations with the City of Dallas to potentially reimagine the Neiman Marcus Downtown Dallas location,” the firm said in a statement.
“The store will remain open past the 2025 Holiday season while this process continues in 2026. We remain committed to serving our loyal Dallas customers and look forward to sharing more soon.”
The Neiman Marcus at The Shops at Willow Bend in Plano is set to close in January 2027, The News previously reported.
Hudson Bay’s Company created Saks Global in July 2024, after it acquired Neiman Marcus for $2.65 billion, putting both luxury giants under the same corporate umbrella. However, financial troubles have mounted since then, with Saks seeking to raise cash in the last year through various means.
Earlier this week, the firm sold land under the Beverly Hills Neiman Marcus store to New York investors to pay debts.
Saks has also explored selling a 49% stake in luxury retailer Bergdorf Goodman, the company confirmed to Reuters in September.
Saks completed a debt restructuring in August that included about $600 million in new money, and an exchange of $2.2 billion worth of debt that would take priority in case of a bankruptcy or liquidation.