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Saks CEO Resigns Amid Financial Struggles and Bankruptcy Concerns

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Source: ABC News
Saks CEO Resigns Amid Financial Struggles and Bankruptcy Concerns
Photo: ABC News
TL;DR

Saks Global Enterprises, owner of Saks Fifth Avenue and Neiman Marcus, announced the immediate resignation of CEO Marc Metrick amid financial struggles stemming from a $2.65 billion debt from acquiring Neiman Marcus and increased sector competition, with Richard Baker stepping in as interim CEO.

Topics:top-newsbusiness#business#ceo-resignation#debt-load#luxury-retail#neiman-marcus-acquisition#saks-global-enterprises
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  1. Saks CEO steps down as luxury retailer struggles under heavy debt load  ABC News
  2. Saks C.E.O. Steps Down as Company Struggles to Pay Down Debt  The New York Times
  3. Saks Global announces new CEO as it reportedly prepares for bankruptcy  CNBC
  4. Luxury retailer Saks Global CEO Marc Metrick steps down as bankruptcy looms  Reuters
  5. US' second-oldest department store chain considers Chapter 11  Yahoo Finance

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