Saks Global Enterprises CEO Richard Baker. — Bloomberg
NEW YORK: Saks Global Enterprises’ chief executive officer (CEO) Richard Baker is departing the beleaguered luxury conglomerate he created as it prepares to restructure under bankruptcy court protection.
Baker, who has been CEO and also executive chairman of the department store chain, had been finalising his exit over the past few days, according to sources.
“Geoffroy van Raemdonck, currently a board member of Moncler SpA, will soon be announced as the new CEO.”
Founded more than 150 years ago, Saks is close to filing for Chapter 11 bankruptcy protection, according to sources, to address mounting losses and a substantial debt load.
Saks and PJT Partners, which is advising the company, didn’t respond to requests for comment. Baker and van Raemdonck also didn’t respond.
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$2.65bil in 2024, creating Saks Global. — Bloomberg
