What does the subpoena issued to Richard Baker by unsecured creditors mean for the future of Saks Global? The answer lies in the ongoing scrutiny surrounding the company’s financial dealings, particularly regarding the $2.7 billion acquisition of Neiman Marcus Group.
Richard Baker, who is the executive chairman of Saks Global, has been at the center of this controversy. In early 2026, he briefly held the position of CEO before stepping back into his current role. The unsecured creditors, representing major fashion players like Amazon and Chanel, are seeking documents that include all communications between Baker and former CEO Marc Metrick.
The creditors have expressed concerns about payments made to vendors within 90 days prior to the bankruptcy filing, which could potentially be clawed back. They have given Baker a deadline of April 23 to produce the requested documents, but Baker has so far refused to comply through his attorneys.
Mark Cohen, representing Baker, stated, “The unsecured have no basis for the claims they’re making, other than information that they can gather that would suggest that they have an opportunity to litigate.” This assertion highlights the contentious nature of the proceedings.
In contrast, the creditors committee has insisted that there can be no meaningful dispute regarding Baker’s possession of responsive information. They argue that the committee is entitled to this information to assess the financial health of Saks Global.
Adding to the complexity, Baker’s attorney, Rachel Strickland from Ropes & Gray, is navigating these turbulent waters as they prepare for the impending deadline. The creditors are not currently seeking to depose Baker, but the pressure is mounting.
Historically, Baker has been a significant player in the fashion industry, having engineered the merger of Saks Fifth Avenue and Neiman Marcus Group in 2024. This merger has now become a focal point in the ongoing financial scrutiny.
As the situation develops, the creditors remain focused on ensuring transparency in the financial dealings of Saks Global. David Banker, a legal expert, noted, “If you can find a cause of action [to file a lawsuit] that’s real, where the money’s coming from not the lender, but outside the estate, that’s where you can start to negotiate.” This highlights the potential for further legal battles ahead.
With the deadline approaching, the next steps in this unfolding story will be critical for Baker and Saks Global. Details remain unconfirmed, but the implications of this subpoena could reverberate throughout the fashion industry.
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