Saks Global CEO Richard Baker Exits Amid Bankruptcy Restructuring Plans
Richard Baker has stepped down as Chief Executive Officer of Saks Global Enterprises. His departure comes less than two weeks after he officially took over the top position. The luxury conglomerate he helped create now prepares for a major restructuring under bankruptcy court protection.
Sudden Leadership Change
Baker had been serving as both CEO and executive chairman of the department store chain. According to sources familiar with the situation, he finalized his exit over the past few days. These individuals requested anonymity because the company has not yet made any public announcement about this leadership change.
Geoffroy van Raemdonck is currently negotiating for a role at Saks Global. He serves as a board member of Moncler SpA at present. Van Raemdonck previously led Neiman Marcus Group as CEO from 2018 until 2024. He guided that luxury retailer through a pandemic-era bankruptcy process, overseeing its emergence and subsequent recovery. He left his position when Saks acquired Neiman Marcus.
Impending Bankruptcy Filing
Saks is now close to filing for Chapter 11 bankruptcy protection. The company faces mounting losses and carries a substantial debt load. This move represents a significant development for the iconic retailer, which was founded more than 150 years ago.
The company's debt burden has created serious challenges. Saks Global operates several prominent retail brands including its flagship Saks Fifth Avenue stores, Bergdorf Goodman, and Neiman Marcus. These financial pressures have contributed to the current restructuring plans.
Baker's Legacy and Background
Baker is a longtime real estate investor with deep connections to the retail sector. The company announced him as its new CEO on January 2, succeeding Marc Metrick in that role. Baker previously served as chairman of Hudson's Bay Company when it purchased Saks Fifth Avenue back in 2013.
He played a key role in Saks' acquisition of rival Neiman Marcus Group. That transaction was valued at $2.65 billion and completed in 2024. This merger ultimately created what is now known as Saks Global Enterprises.
Representatives for Saks, Baker, and van Raemdonck did not immediately respond to requests for comment about these developments. The luxury retail industry watches closely as this storied company navigates one of the most challenging periods in its long history.
