When you're reportedly days away from bankruptcy, a CEO departure tends to look less like a voluntary career move and more like musical chairs on the Titanic. Saks Global announced Friday that CEO Marc Metrick is stepping down, with Executive Chairman Richard Baker taking over the top job.

The timing is, let's say, not coincidental. The Wall Street Journal reported Thursday that Saks is preparing to file for bankruptcy within days after failing to make an interest payment exceeding $100 million that was due Tuesday to its bondholders. Missing a nine-figure interest payment generally doesn't signal robust financial health.

Metrick's tenure saw the creation of Saks Global in 2024, when Hudson's Bay Co., Saks Fifth Avenue's parent company, acquired rival Neiman Marcus for $2.65 billion. The deal was meant to help Saks compete with Nordstrom and Bloomingdale's. Instead, it appears to have created a debt-laden giant struggling in a brutal luxury market.

Luxury Retail's Rocky Reality

Saks isn't suffering alone. Global personal luxury goods sales are expected to decline for the second consecutive year, according to a Bain & Co. study, as high prices and economic uncertainty keep wallets closed. In September, reports surfaced that Saks was exploring the sale of a minority stake in luxury retailer Bergdorf Goodman to reduce its debt burden.

The company says Metrick left to pursue "new opportunities," which is corporate speak for "let's not discuss this further." Baker now faces the unenviable task of steering the luxury ship through what looks like increasingly choppy waters.