Jan 13 (Reuters) – Luxury retailer Saks Global’s CEO Richard Baker is departing less than two weeks after taking over the top job, Bloomberg News reported on Tuesday, citing people familiar with the situation, as the embattled company stares at bankruptcy.
Geoffroy van Raemdonck, former CEO at Neiman Marcus, is currently negotiating for a role at the company, the report said.
The owner of New York’s century-old Fifth Avenue flagship store is preparing for Chapter 11 bankruptcy after missing an interest payment exceeding $100 million on debt from its Neiman merger, according to media reports in recent weeks.
The company was also in advanced talks on a $1.25 billion debtor-in-possession financing package with creditors, which would allow it to keep its business running during bankruptcy and pay vendor dues, Bloomberg had reported last week.
A retailer long loved by the rich and famous, including such 1950s Hollywood stars as Gary Cooper and Grace Kelly, Saks fell on hard times after the COVID pandemic, as competition from online outlets rose, and brands started selling items through their own stores more frequently.
In 2024, then-parent company Hudson’s Bay bet on scale by merging it with rival Neiman Marcus, creating the entity now known as Saks Global. The $2.7 billion deal was built on about $2 billion in debt financing and equity contributions from investors including Amazon, Salesforce and Authentic Brands.
Baker, also Saks’ executive chairman, took the helm on January 2, replacing Marc Metrick, and has working on his exit in recent days, Bloomberg reported on Tuesday.
Saks Global did not immediately respond to a Reuters request for comment.
(Reporting by Koyena Das in Bengaluru; Editing by Alan Barona)
Brought to you by www.srnnews.com
