https://www.youtube.com/watch?v=7nJLnLtOP2o
Saks Global Enterprises’
chief executive Richard Baker is departing less than two weeks after taking over the top job as the beleaguered
luxury conglomerate
he created prepares to restructure under
bankruptcy court protection
.
Baker,
who has been CEO
and also executive chairman of the
department store chain
, had been finalizing his exit over the past few days, according to people familiar with the situation who asked not to be identified because the move hasn’t been announced yet.
Geoffroy van Raemdonck, currently a board member of Moncler SPA, is currently negotiating for a role at the company, according to people familiar with the matter.
Founded more than 150 years ago, Saks is close to filing for Chapter 11 bankruptcy protection, according to the people, to address mounting losses and a substantial debt load.
Saks, Baker and van Raemdonck didn’t immediately respond to requests for comment.
Van Raemdonck was CEO of
Neiman Marcus Group
from 2018 until 2024. He saw the luxury retailer through a pandemic-era bankruptcy and then its emergence and subsequent recovery. He stepped down when Saks acquired it.
Saks’ debt has weighed on the company, which operates its flagship
Saks Fifth Avenue stores
as well as Bergdorf Goodman and Neiman Marcus.
Baker, a longtime real estate investor, was announced as the company’s new CEO on Jan. 2, succeeding Marc Metrick.
Baker was chairman of
Hudson’s Bay Co.
when it bought Saks Fifth Avenue in 2013 and was the key architect of Saks’ acquisition of rival Neiman Marcus Group for US$2.65 billion in 2024, creating Saks Global.
—With assistance from Andrea Chang.
Bloomberg.com
Saks’ CEO Baker to exit luxury retailer ahead of bankruptcy
2026-01-13 20:46:07
