Saks Exec Behind Neiman Marcus Acquisition Named CEO -- Market Talk

Dow Jones01-03

1210 ET - As Saks Global nears bankruptcy after missing a payment on the debt it took on to buy Neiman Marcus, Executive Chairman Richard Baker, the executive that led that acquisition, will take over as the company's new chief executive. Baker, an owner of National Realty & Development Corporation, "led the highly anticipated acquisition of Neiman Marcus Group and established Saks Global," according to the Saks' website. Baker was previously chief executive of Hudson's Bay Company, which bought Saks for $2.4 billion in 2013. HBC spun off its U.S. assets last year to form Saks Global, before filing for bankruptcy and shutting down its operations earlier this year. (nicholas.miller@wsj.com)

(END) Dow Jones Newswires

January 02, 2026 12:11 ET (17:11 GMT)

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Baker was previously chief executive of Hudson's Bay Company, which bought Saks for $2.4 billion in 2013. HBC spun off its U.S. assets last year to form Saks Global, before filing for bankruptcy and shutting down its operations earlier this year. 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