Company Overview - Saks Global Enterprises is experiencing leadership changes as CEO Marc Metrick steps down immediately, with Executive Chairman Richard Baker taking over the CEO role while continuing as executive chairman [1][5] Financial Challenges - The company is grappling with significant debt, primarily from its $2.65 billion acquisition of Neiman Marcus in the summer of 2024, and is facing increased competition in the luxury goods sector [2] - Saks Global completed a $600 million notes offering in August to improve its liquidity following the Neiman Marcus acquisition [3] Market Conditions - The luxury goods market is expected to contract for the second consecutive year in 2026, driven by wealthy customers resisting price increases on products that lack excitement and growing concerns about the global economy, as reported by Bain & Co. [4]