{"id":109053,"date":"2026-01-03T01:31:11","date_gmt":"2026-01-03T01:31:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-tx\/109053\/"},"modified":"2026-01-03T01:31:11","modified_gmt":"2026-01-03T01:31:11","slug":"ceo-of-saks-global-steps-down-as-fate-of-downtown-neiman-marcus-remains-unclear","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-tx\/109053\/","title":{"rendered":"CEO of Saks Global steps down as fate of downtown Neiman Marcus remains unclear"},"content":{"rendered":"

Saks Global<\/a>, 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<\/a> of the iconic Dallas retailer.<\/p>\n

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\u2019s new CEO.<\/p>\n

The change \u201creflects Mr. Metrick\u2019s desire to pursue new opportunities,\u201d the company said in a statement.<\/p>\n

Related<\/p>\n

\"The<\/p>\n

\u201cAfter nearly three decades with Saks, I will be stepping down as Chief Executive Officer,\u201d Metrick said in a statement. <\/p>\n

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\u201cI began my career at Saks in 1995 and have had the privilege of serving in many roles across merchandising, marketing, and strategy,\u201d he added. \u201cI am deeply grateful to my colleagues, partners, and the entire Saks community for their support and collaboration over the years.\u201d<\/p>\n

Metrick\u2019s departure comes after both Bloomberg News and The Wall Street Journal reported the Saks was on the verge of filing for Chapter 11 bankruptcy<\/a> after missing an interest payment on the debt it took on to buy Neiman Marcus. <\/p>\n

The WSJ reports that Saks Global failed to make an interest payment of over $100 million on bonds.<\/p>\n

Saks has not publicly acknowledged those reports, and two inquiries to the company by The Dallas Morning News went unanswered this week.<\/p>\n

The fate of the downtown Neiman Marcus has been in question since early 2025 after company leaders announced it was set to close<\/a> at the end of March. The saga ended as last-minute negations between civic leaders and company representatives temporarily spared the shop from shuttering.<\/p>\n

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.<\/p>\n

When reached Friday by email, Saks executives provided no updates regarding the downtown property.<\/p>\n

\u201cWe continue to have productive conversations with the City of Dallas to potentially reimagine the Neiman Marcus Downtown Dallas location,\u201d the firm said in a statement. <\/p>\n

\u201cThe 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.\u201d<\/p>\n

The Neiman Marcus at The Shops at Willow Bend in Plano is set to close in January 2027, The News previously reported.<\/p>\n

Hudson Bay\u2019s 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. <\/p>\n

Earlier this week, the firm sold land under the Beverly Hills Neiman Marcus<\/a> store to New York investors to pay debts.<\/p>\n

Saks has also explored selling a 49% stake in luxury retailer Bergdorf Goodman, the company confirmed to Reuters in September<\/a>.<\/p>\n

Saks completed a debt restructuring<\/a> 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. <\/p>\n","protected":false},"excerpt":{"rendered":"Saks Global, the parent company of Neiman Marcus, announced on Friday its chief executive would step aside as…\n","protected":false},"author":2,"featured_media":54947,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[910,102,104,103,27808,952],"class_list":{"0":"post-109053","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-dallas","8":"tag-business","9":"tag-dallas","10":"tag-dallas-headlines","11":"tag-dallas-news","12":"tag-neiman-marcus","13":"tag-retail"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/109053","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/comments?post=109053"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/109053\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media\/54947"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media?parent=109053"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/categories?post=109053"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/tags?post=109053"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}