Saks Global CEO reportedly due to step down

Marc Metrick, the chief executive officer of luxury retail group Saks Global, is believed to be preparing to exit the company.

This is according to multiple sources for Puck News, which noted that Metrick had declined to comment on the matter. A source close to Saks Global told Puck that Metrick currently remains employed by the company.

If Metrick was to step down, it would come at a time of ongoing uncertainty for the group. Last week, Reuters and Bloomberg reported that Saks Global was mulling a Chapter 11 bankruptcy in the US amid growing financial pressures.

The company is required to make an interest payment of over 100 million dollars by the end of the month, putting a strain on its cash flow alongside cautious consumer spending.

The company told the press that a bankruptcy remains a “last resort” and it was “exploring all possible avenues to ensure a strong and stable future”.

Metrick stepped in as CEO of Saks Global upon its formation after Saks’ finalised its acquisition of Neiman Marcus Group (NMG) last year. The executive had already been with Saks since 1995, moving into roles of increasing responsibility among the organisation, including CEO of the Saks brand.

In October, reports began circulating that a slew of top executives at the retail group were stepping down from the firm as part of a wider reorganisation, with Metrick to become more directly involved with brand partners as a result.

At the time, an internal letter to staff, seen and reported on by WWD, said that the integration of Saks and NMG was enacted faster than expected and, despite group revenues falling, more uplifting signs were being seen in the latter half of the year.

Despite the positivity, however, Saks Global has been working behind the scenes to mitigate financial impact, cutting jobs, confirming store closures and, reportedly, exploring a stake sale in Bergdorf Goodman.

The decision to file for Chapter 11 protection has not yet been made, with the company said to be exploring alternative refinancing solutions, including a debtor-in-possession loan which would allow it continue operating during a court-supervised restructuring.

FashionUnited has contacted Saks Global with a request to comment.