Saks Global Enterprises CEO Marc Metrick has stepped down from his position as the luxury retailer faces mounting financial pressures and potential bankruptcy. "After nearly three decades with Saks, I will be stepping down as chief executive officer," Metrick said in a statement, according to recent reports. Executive chairman Richard Baker is taking over as CEO to lead operations during this critical period. "Marc has been a valued leader at Saks for many years, helping to drive significant transformation and growth while solidifying the company's enduring position in luxury," Baker said in a statement. "We thank Marc for his leadership and dedication and wish him continued success in his next chapter." The leadership change comes as the company races to secure emergency financing and navigate ongoing discussions to potentially stave off a bankruptcy filing.
Saks Global Enterprises is actively pursuing a loan of up to $1 billion to sustain business operations as part of a potential Chapter 11 bankruptcy filing that could occur within the coming weeks. According to people familiar with the situation, the cash-strapped luxury retailer is working to secure this debtor-in-possession financing to maintain operations during the restructuring process. The company, which also owns Bergdorf Goodman and Saks off 5th, previously raised $600 million in capital in June to cover debt payments and has sought to sell a minority stake in Bergdorf Goodman to raise additional funds.
The financial distress became evident when Saks Global failed to make an interest payment to bondholders totaling more than $100 million that was due on December 30. This missed payment has intensified the company's liquidity challenges and accelerated discussions around potential bankruptcy proceedings, as reported by sources familiar with the matter. Throughout last year, Saks repeatedly delayed payments to its vendors, indicating ongoing cash flow difficulties that preceded the current crisis. Sales by Saks Global stores dropped 13% in the company's most recent quarter, which ended August 2, reflecting the broader slump in demand for luxury goods.
Saks Global's financial troubles reflect a broader surge in bankruptcies across the U.S. economy, affecting businesses of all sizes and individual households. Small business bankruptcies under Subchapter V increased nearly 10% year-to-date through mid-December, with more than 2,300 filings from firms carrying $3,024,725 or less in secured and unsecured debt, according to data from Epiq Bankruptcy Analytics. In November alone, Subchapter V bankruptcy filings totaled 223 cases, representing a 23% increase from the previous year. Individual bankruptcy filings jumped 8% to 40,973 in November 2025, up from 37,814 filings in November 2024, according to data cited by the American Bankruptcy Institute.
Corporate bankruptcies climbed to 717 through November, topping last year's tally of 687 and marking the highest annual count since 2010 when filings totaled 828, according to S&P Global Market Intelligence. Major corporate bankruptcies this year have included hospitality company Sonder, Spirit Airlines, Del Monte Foods, retailer Claire's, and CVS Health subsidiary Omnicare, each listing more than $1 billion in liabilities. The industrials sector led distressed filings with 110 companies, followed by consumer discretionary with 85 bankruptcy filings, and healthcare with 46 firms filing. "Bankruptcies seem to be kind of all over the place," said bankruptcy attorney Stark, noting the unusual "broad smattering of industries" now in bankruptcy proceedings.
