Saks Global named a new CEO on Friday as the retailer is reportedly on the cusp of filing for bankruptcy protection.

The parent of high-end department store chain Saks Fifth Avenue, which is privately held, will now be led by Richard Baker, the company’s executive chairman, Saks said in a news release. He will continue to hold the executive chairman role.

With the shakeup, three-decade long Saks executive Marc Metrick will leave the company. The news release said Metrick’s is departing “to pursue new opportunities.”

In a statement, Baker said he will work “to secure a strong and stable future for our company.”

“Across Saks Global, with our deep industry expertise, well-established relationships within the luxury sector, and talented employees, we will strengthen our position so that we can capitalize on the many opportunities we see for our company in the luxury market,” he said.

Saks is preparing to file for bankruptcy after missing a debt payment related to its 2024 acquisition of department store chain Neiman Marcus, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

It’s the latest twist in the luxury department store operator’s effort to regain its financial footing. Saks Global was created in 2024 after Saks Fifth Avenue parent company Hudson’s Bay Company acquired Neiman Marcus for $2.65 billion. By marrying the two luxury chains, it sought to better compete with other retailers and department stores including Nordstrom and Macy’s-owned Bloomingdale’s.

The deal turned Saks Global into a larger player, which included Saks Fifth Avenue, its off-price chain Saks Off 5th, Neiman Marcus’ namesake department store chain and Bergdorf Goodman.

Yet the company has taken clear steps to raise cash and shore up its finances, including the recent sale of Neiman Marcus’ Beverly Hills flagship and Saks Global’s debt restructuring in August 2025.

In his biography on Saks Global’s website, the company credited Baker for leading the acquisition of Neiman Marcus and described his strong real estate background. Baker is an owner of National Realty & Development Corporation, one of the largest real estate development companies in the United States, and he previously served as the chairman of the board of directors for Retail Opportunity Investments Corporation, which he also converted into a real estate investment trust listed on the Nasdaq.