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.

Metrick is leaving the company in order to pursue new opportunities, according to the statement.

The switch-up comes as Saks is weighing a potential bankruptcy after struggling financially over the past year despite raising billions of dollars from investors to finance a turnaround ...