Saks Global Leadership Shakeup Amid Financial Challenges

**Saks Global** is an American holding company that owns and operates premier luxury department stores and off-price outlets, including Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks Off 5th, Neiman Marcus Last Call, and the Horchow home furnishings website.[1][2][3] Formed in November 2024, Saks Global emerged from the spin-off of Hudson's Bay Company's (HBC) American assets, followed by HBC's $2.7 billion acquisition of Neiman Marcus Group in December 2024. This merger consolidated iconic brands—Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, and their off-price arms—into a powerhouse U.S. luxury retail empire, aiming to revive the department store model amid industry challenges.[1][2] Each brand retains its identity, with executive-level consolidation streamlining operations and enhancing vendor relations; Saks Global pledged to resolve delayed payments starting January 2025, stabilizing cash flow.[2] Key achievements include a major debt restructuring in August 2025, securing up to $600 million in financing and a $2.2 billion notes exchange, plus early September 2025 talks to sell a 49% stake in Bergdorf Goodman for $1 billion to cut debt further amid inflation and tariffs curbing demand.[1] The portfolio spans 38 Saks Fifth Avenue stores, 95 Saks Off 5th outlets, 36 Neiman Marcus locations, five Neiman Marcus Last Call stores, and two Bergdorf Goodman flagships, positioning Saks Global to optimize real estate by reducing market redundancies.[2] Currently, Saks Global operates four units: Saks Global Operating Group, Saks Global Properties & Investments, Bergdorf Goodman, and Authentic Luxury Group. Leadership features President and Chief Commercial Officer Emily Essner, CFO Brandy Richardson (appointed July 2025), and CEO Marc Metrick.[1] Notable aspects include targeting younger demographic

**Hudson's Bay Company (HBC)**, founded in 1670 by royal charter from King Charles II, began as a fur-trading powerhouse that effectively governed vast North American territories, evolving into a modern retail and real estate giant headquartered in Toronto.[1][2] Chartered to seek a northwest passage and monopolize trade in **Rupert's Land**—a staggering 1.5–3.9 million square kilometers draining into Hudson Bay—HBC established coastal posts in the 1670s–80s, facing French captures until the 1713 Treaty of Utrecht restored them.[1][2][5] Post-1760 British conquest of Canada, inland expansion followed, including Cumberland House in 1774 amid fierce rivalry with the North West Company, culminating in bloody clashes like the Seven Oaks Massacre and their 1821 merger under HBC's banner.[1][4] Leaders like George Simpson and John McLoughlin dominated the Pacific Northwest fur trade via forts such as Fort Vancouver and Fort Colville, blending commerce with de facto governance over Indigenous lands.[3][6] Key achievements include shaping Canada's economic and political foundations: in 1870, HBC surrendered Rupert's Land to Canada for £300,000, land blocks, and mineral rights in the fertile belt, fueling national expansion.[1][4][5] Its motto, *Pro Pelle Cutem* ("A skin for a skin"), symbolized fur-for-goods exchanges that drove exploration.[6] Today, as the English-speaking world's oldest incorporated company, HBC focuses on **merchandising, real estate, and resources**, operating iconic Canadian department stores after acquiring chains like Kmart; it phased out U.S. Northwest operations post-1846 Oregon Treaty.[1][5][6] Though some reports suggest dissolution and asset sales, HBC endures as a retail legacy, its corporate evolution mirroring North America's transformation from fur empire to consume

Neiman Marcus is a storied American luxury department store chain, widely recognized as a pioneer in upscale retailing and a symbol of high fashion and exceptional customer service[1][3][7]. Founded in Dallas, Texas, in 1907 by Herbert Marcus, his sister Carrie Marcus Neiman, and her husband Al Neiman, the store quickly distinguished itself by focusing on quality, exclusivity, and personalized service, catering to the “opulently wealthy” with unique and fashionable merchandise[1][7]. From its inception, Neiman Marcus was designed to be more than a clothing store—it was a destination for fashion advice and trendsetting, quickly becoming a cultural touchstone in Dallas and beyond[2]. The company’s early years were marked by resilience and innovation. Despite opening just before the Panic of 1907 and surviving devastating fires in 1913 and 1946, Neiman Marcus consistently rebounded, expanding its offerings to include men’s and children’s apparel, accessories, and home goods[2][3]. In 1927, it launched the first weekly retail fashion show in the U.S., and by the 1930s, it was staging elaborate events that drew national attention, such as the “One Hundred Years of Texas Fashions” gala[3]. The store’s reputation for excellence was cemented by endorsements from fashion icons like Edna Woolman Chase of Vogue, who declared it her “dream” store[3]. Neiman Marcus has long been at the forefront of retail innovation. It was an early adopter of catalog sales (the famed “Neiman Marcus Christmas Book”) and embraced e-commerce as the digital era emerged[1]. The Neiman Marcus Group, formed in 1987 after a corporate spin-off, grew to include Bergdorf Goodman, Last Call clearance stores, and the Horchow home furnishings brand[1][5]. The group also held interests in luxury accessories and cosmetics brands,