Richard Baker Replaces Marc Metrick as Saks Global Faces Bankruptcy

Richard Baker takes over as CEO of Saks Global as the luxury retailer prepares for a potential bankruptcy filing after missing a 100 million interest payment.Marc Metrick stepped down from the leadership role following reports that the firm failed to meet its debt obligations linked to a 2.65 billion acquisition of Neiman Marcus.The company faces significant liquidity challenges amid rising inflation and a weakening labor market in the USA despite previous attempts to refinance 600 million in debt.