Saks’ Creditors Sensed Doom Spiral Was Worsening After CEO Call

When the executive chairman of Saks Global Enterprises hopped on a call with the luxury retailer’s anxious lenders last week, they couldn’t believe their ears.

Richard Baker offered little in the way of solutions to get the retailer back on track and avoid bankruptcy — the fate of some of his other ventures like Hudson’s Bay Co. Rather, at certain points he seemed to be imploring the creditors for any ideas, according to people with knowledge of the call.

If that was Baker’s attempt at a joke, it didn’t land. If it was meant to be collaborative, the already deeply ...