A High-Profile Merger, Followed by Financial Strain
Metrick assumed leadership in December 2024, shortly after Saks Global finalized its $2.7 billion acquisition of Neiman Marcus Group. That deal folded Neiman Marcus and Bergdorf Goodman into Saks’ portfolio and placed Metrick at the helm of the newly formed Saks Global Operating Group, overseeing Saks Fifth Avenue and Saks OFF 5TH.
At the time, Executive Chairman Richard Baker hailed the transaction as creating “an unparalleled multi-brand luxury portfolio with tremendous growth potential.” Yet since then, the company has been under steady financial pressure, working to contain costs and preserve cash.
Over the past year, Saks has cut hundreds of jobs and closed stores and corporate offices. Its retreat has been especially pronounced in Canada, where Saks Fifth Avenue, Saks OFF 5TH, and Hudson’s Bay stores shuttered most of their locations, according to Retail Insider.
More Closures Ahead
The retrenchment is far from over. Saks plans to continue closing stores next year, including certain Saks OFF 5TH locations beginning in early 2026. The company has described the move as part of a broader strategy to “optimize” its store footprint amid shifting consumer behavior and ongoing financial strain.
In September, reports also emerged that Saks was exploring the sale of a minority stake — roughly 49% — in Bergdorf Goodman, valuing the luxury retailer at about $1 billion. People familiar with the matter told The Wall Street Journal that at least four potential bidders had expressed interest, with a deal possibly materializing as early as next year.
