Tuesday, February 24, 2026-Richard Baker, the architect behind the creation of Saks Global, is pushing back hard on critics who blame him for the collapse of one of America’s most iconic luxury department store groups.
Baker, who engineered the merger of Saks Fifth Avenue with Neiman Marcus in 2024, now says that despite the company’s bankruptcy filing, he actually saved the department store model by keeping major brands and thousands of jobs alive well beyond what many expected. According to Baker, the extended life of these stores and the employment they provided outweighs their financial collapse, framing his efforts as a success rather than a failure.
In his view, the criticism neglects the broader context of a struggling retail environment where traditional department stores have been under pressure for years from online competition, shifting consumer habits, and economic strain. Baker cites the length of time Saks and its affiliated brands continued to operate — preserving tens of thousands of jobs — as evidence that the strategy was worthwhile, even if it ultimately led to a Chapter 11 filing early in 2026.
Still, many industry observers strongly disagree with his assessment. While Baker frames the outcome as extending the life of these businesses, others note that key assets and legacy brands have shuttered, inventory has been scarce, and many luxury designers withheld shipments amid fears of unpaid bills.
Additionally, Saks Global continues to face major restructuring challenges under bankruptcy protection, including closing stores and renegotiating debts, raising questions about whether the department store model can be revitalised at all under current conditions.
0 Comments