Saks Global has named Richard Baker, its current executive chairman, as the new CEO after Marc Metrick stepped down amid reports about the company’s potential bankruptcy filing.

Baker will oversee Saks Global’s luxury retail operations and work closely with the company’s management team to advance its transformation. He will continue to serve as executive chairman in addition to the CEO role.

Metrick will pursue new opportunities following the transition, according to the company. He began his career at Saks in 1995 and had held several leadership positions before becoming CEO of Saks Global in July 2024.

The CEO transition comes amid reports that the company was preparing for bankruptcy after it failed to make an interest payment of more than $100 million.

The retailer is now in talks to secure a $1 billion loan as it prepares for a possible Chapter 11 bankruptcy filing in the coming weeks, Bloomberg reported on Sunday, citing people familiar with the matter. 

Saks Global was created in 2024 after Saks Fifth Avenue’s parent company, Hudson’s Bay, acquired Neiman Marcus for $2.65 billion. The combined company now comprises Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks Off 5th, Last Call, and Horchow, operating 70 full-line luxury locations, additional off-price locations, and five e-commerce sites.

The move was expected to enable the company to better compete with department store operators such as Nordstrom, Bloomingdale’s and Macy’s. The deal was funded by new investors, including Amazon, Authentic Brands Group, and Salesforce.

In September, the company explored the sale of a minority stake in luxury department store Bergdorf Goodman to reduce debt.