Baker’s High-Stakes Luxury Empire Falls into Saks Global Bankruptcy
Saks Global filed for bankruptcy protection after a debt‑heavy consolidation by Richard Baker that aimed to fuse Saks Fifth Avenue and Neiman Marcus into a luxury retail powerhouse. Baker contends his real‑estate‑backed deals saved tens of thousands of jobs and kept stores open longer than expected, but critics blame the leveraged structure for cash‑flow strain, vendor disputes, and widespread store closures (including 57 Saks Off 5th shops and all five Neiman Marcus Last Call stores). Brands such as Chanel, Zegna, and Akris are owed hundreds of millions, and Baker was ousted as CEO as lenders reorganize the business. The saga traces Baker’s aggressive acquisitions—Lord & Taylor, Hudson’s Bay, Saks, and Neiman Marcus—and his ongoing pivot toward moving on after the restructuring.