Saks CEO Steps Down as Luxury Retailer Mulls Bankruptcy Filing

Saks Global Enterprises’ Chief Executive Officer Marc Metrick is stepping down from his role as the cash-strapped high-end retailer considers its restructuring options, including a Chapter 11 bankruptcy filing.

Metrick will be replaced by the department-store chain’s Executive Chairman Richard Baker, according to a statement Friday. Baker will hold both the CEO and chairman roles.