NEW YORK (AP) — The top executive of the private company that owns Saks Fifth Avenue and Neiman Marcus is stepping down as it struggles with debt taken on to buy a rival almost two years ago.
Saks Global Enterprises said Friday that the departure of CEO Marc Metrick is effective immediately, and that he will be replaced by Executive Chairman Richard Baker. Baker will continue to serve as executive chairman.
In addition to debt from Saks' $2.65 billion acquisition of Neiman Marcus in the summer of 2024, the company is facing increasing competition from a fragmenting luxury goods sector.
Hudson’s Bay Co., the Canadian owner of Saks Fifth Avenue, split off the luxury retailer’s e-commerce business, Saks.com in 2021. After acquiring Neiman Marcus three years later, Saks Fifth Avenue changed its name to Saks Global.
Saks Global, based in New York City, completed a $600 million notes offering in August in an effort to bolster its liquidity following the Neiman Marcus acquisition.
The company is trying to winnow down its heavy debt load with global sales of luxury goods that are expected to contract for the second straight year in 2026. Wealthier customers have rebelled against extravagant price hikes on goods that haven't drummed up much excitement, in addition to growing anxiety about the global economy, according to a new study by Bain & Co. consultancy released in November.
Metrick joined Saks Fifth Avenue in 1995 and held a variety of positions at Saks and Hudson’s Bay. He was named CEO of Saks Fifth Avenue in 2021 and CEO of Saks Global in 2024.
The company said Friday that he is stepping down to pursue new opportunities.
FILE - Saks Fifth Avenue President Marc Metrick poses for a portrait inside the company's flagship Fifth Avenue store, in New York, on Wednesday, Feb. 20, 2019. (AP Photo/Kathy Willens, File)
CHARLOTTE, N.C. (AP) — The FBI said Friday it had disrupted a plot to attack a North Carolina grocery store and fast-food restaurant on New Year's Eve, arresting a man who officials said was inspired by the Islamic State group and had pledged loyalty to the extremist militants.
Christian Sturdivant, 18, was charged with attempting to provide material support to a foreign terror organization after officials say he communicated his attack plans to an undercover FBI employee who was posing as an encouraging confidant.
He was arrested by federal agents on Wednesday. He remained held following a Friday morning court appearance. Another hearing is set for Jan. 7. The lawyer representing Sturdivant in federal court on Friday didn’t immediately respond to an email seeking comment.
An FBI affidavit filed in the case said Sturdivant came under investigation last month following information that a social media account, which officials connected to Sturdivant, had made posts supportive of IS. Those included posts that depicted a ballistic vest and appeared to promote violence, the affidavit said, and the display name for the account referenced the name of the late IS leader, Abu Bakr al-Baghdadi.
Sturdivant began communicating on social media with someone who he thought was supportive of his plans but who was actually an undercover FBI employee, the affidavit said.
Russ Ferguson, the U.S. Attorney for western North Carolina, declined to name the grocery store and fast-food restaurant that were allegedly targeted, citing the ongoing investigation. But he said both were in Mint Hill, a small bedroom community of Charlotte.
The affidavit says Sturdivant had been on the FBI's radar in January 2022, when he was a minor, after officials learned that he had been in contact with an IS member in Europe and had received instructions to dress in all black, knock on people's doors and commit attacks with a hammer.
Sturdivant did actually set out for a neighbor's house armed with a hammer and a knife but was restrained by his grandfather, the affidavit says.
The North Carolina attack would’ve come a year after 14 people were killed in New Orleans by a U.S. citizen and Army veteran who had proclaimed his support for IS on social media.
Other IS-inspired attacks over the past decade include a 2015 shooting rampage by a husband-and-wife team who killed 14 people in San Bernardino, California, and a 2016 massacre at a gay nightclub in Orlando, Florida, by a gunman who fatally shot 49 people.
The FBI has foiled several alleged attacks through sting operations in which agents posed as terror supporters, supplying advice and equipment. Critics say the strategy can amount to entrapment of mentally vulnerable people who wouldn’t have the wherewithal to act alone.
Robertson reported from Raleigh, North Carolina. Associated Press writer Eric Tucker in Washington contributed.
FILE - An FBI seal is displayed on a podium before a news conference at the field office in Portland, Ore., Thursday, Jan. 16, 2025. (AP Photo/Jenny Kane, File)
