Leadership turmoil is rippling through Saks Global as the luxury retailer braces for a potential bankruptcy that could further complicate the future of Neiman Marcus and its presence in Downtown Dallas.
Marc Metrick stepped down as CEO of Saks Global, the parent of Saks Fifth Avenue and Neiman Marcus, with executive chairman Richard Baker assuming the top role, the company announced in a Jan. 2 news release. The Dallas Business Journal reported that Metrick, a nearly 30-year company veteran, led Saks through its $2.7 billion acquisition of Dallas-based Neiman Marcus Group in 2024.
Baker will guide what Saks called the company’s ongoing transformation.
The change comes days after Saks missed an interest payment of more than $100 million tied to debt from the Neiman Marcus deal, the Wall Street Journal first reported. The lapse has fueled expectations of an imminent Chapter 11 filing or asset sales as the company grapples with heavy leverage, soft luxury demand and a tough retail environment.
The uncertainty lands squarely on Dallas-based Neiman Marcus, the storied retailer whose real estate has already been in flux. Early in 2025 Saks announced plans to close Neiman’s flagship store at 1618 Main Street, then repeatedly delayed the move after pushback from city leaders, stating it would remain open beyond the 2025 holiday season as talks continue with the city on a potential reimagining of the nine-story property.
The fate of the historic downtown anchor remains unresolved, with possibilities ranging from a continued retail presence to a reimagining as a mixed-use destination or conversion to apartments or a hotel.
Downtown Dallas Incorporated CEO Jennifer Scripps told the publication last week that negotiations with the city on an economic development package are ongoing but unresolved.
Other Neiman properties have already changed hands. The retailer recently sold its Beverly Hills store at 9700 Wilshire Boulevard, which it occupied since 1979, while continuing to operate there, the Los Angeles Times reported. In North Texas, Neiman sold its three-level store at The Shops at Willow Bend in Plano as the mall undergoes a major redevelopment.
Earlier this year, Saks also disclosed plans to shutter Neiman’s headquarters at Cityplace Tower in Dallas after just two years. Owner NexPoint initially contested the move before pivoting to a $445 million redevelopment that includes residential and hotel components.
— Eric Weilbacher
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