Executive chair Richard Baker to replace Marc Metrick after company misses $100m interest payment on debt

Saks Global said on Friday that its CEO, Marc Metrick, has stepped down and named executive chair, Richard Baker, as his successor, amid reports that the luxury retailer is preparing for bankruptcy.

The change at the top comes days after the Wall Street Journal reported that the Neiman Marcus parent company is preparing for bankruptcy after missing an interest payment exceeding $100m on debt from its Neiman merger.