Retail Opportunity Investments (US:ROIC) CNBC·2026-01-02 16:24Core Viewpoint - Saks Global is on the verge of filing for bankruptcy protection after missing a debt payment related to its acquisition of Neiman Marcus, leading to a leadership change with Richard Baker appointed as the new CEO while retaining his role as executive chairman [1][3]. Group 1: Leadership Changes - Richard Baker has been named the new CEO of Saks Global, taking over from Marc Metrick, who is leaving the company to pursue new opportunities [2]. - Baker emphasized the company's commitment to securing a strong future and leveraging its industry expertise and relationships within the luxury sector [2]. Group 2: Financial Challenges - Saks Global is preparing to file for bankruptcy protection due to financial difficulties stemming from a missed debt payment related to its 2024 acquisition of Neiman Marcus for $2.65 billion [3][4]. - The company has taken measures to improve its financial situation, including the sale of Neiman Marcus' Beverly Hills flagship and a debt restructuring in August 2025 [5]. Group 3: Company Background - Saks Global was formed in 2024 following the acquisition of Neiman Marcus, aiming to enhance competitiveness against other luxury retailers like Nordstrom and Macy's-owned Bloomingdale's [4]. - The acquisition expanded Saks Global's portfolio to include Saks Fifth Avenue, Saks Off 5th, Neiman Marcus, and Bergdorf Goodman [5][6].