Richard Baker Subpoenaed in Saks Global Bankruptcy Over Neiman Marcus Deal Documents

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4.12.2026

Quick Facts

Unsecured creditors subpoenaed Richard Baker for documents related to the $2.7 billion Neiman Marcus acquisition and communications with former CEO Marc Metrick
Baker has until April 23 to produce requested documents after rebuffing multiple requests from bankruptcy court
Saks Global filed for Chapter 11 bankruptcy in January 2026 with $4.7 billion in total debt from the luxury retailer merger

A committee of unsecured creditors has subpoenaed Richard Baker, the real estate mogul behind the Saks-Neiman Marcus merger, demanding extensive documentation about his role in the luxury retailer’s financial collapse.

Baker has rebuffed numerous requests for documents through his attorneys, according to a Thursday filing with the bankruptcy court in the Southern District of Texas in Houston. The creditors committee has given him until end of business on April 23 to produce the requested materials.

The subpoena seeks all communications between Baker and former CEO Marc Metrick related to Saks Global operations. This includes documents tied to the late 2024 acquisition of Neiman Marcus Group for $2.7 billion, correspondence with Neiman Marcus affiliates, and communications about Saks Global real estate and former Lord & Taylor locations.

Creditors also want documentation identifying all corporations, companies, and partnerships created by Baker or his affiliates. They are demanding information about art pieces, jewelry, or items that Baker lent, sold, or leased to Saks Global.

The merger brought together Saks Fifth Avenue and Neiman Marcus at the end of 2024, creating a luxury retail giant with projected $10 billion in annual revenue. However, the deal loaded the company with massive debt obligations.

Combined, Saks Fifth Avenue and Neiman Marcus accumulated $4.7 billion in total debt as of the second quarter of 2025. Bondholders provided $2.2 billion to fund the Neiman’s acquisition in December 2024, followed by another $600 million in August.

The financial strain became apparent when Saks Global missed a $100 million interest payment on December 30, 2024. Revenue declined significantly, dropping 13% to $1.6 billion in Q2 2025 from over $2 billion in the same quarter of 2024.

Metrick stepped down as CEO on January 2, 2026, after working at Saks since 1995. Baker briefly replaced him before Saks Global filed for Chapter 11 bankruptcy on January 13-14, 2026. Former Neiman Marcus CEO Geoffroy van Raemdonck then took over as chief executive, with Baker leaving the company entirely just two weeks after his appointment.

The bankruptcy filing revealed major luxury brands as significant creditors. Chanel leads unsecured creditors at approximately $136 million, followed by Gucci owner Kering at $60 million. LVMH is owed $26 million, while Jimmy Choo parent Capri Holdings is the fourth largest unsecured creditor at $33.3 million.

Saks Global secured $1.75 billion in new financing from senior secured bondholders and asset-based lenders ahead of the filing. The company expects to emerge from bankruptcy later this year.

Unsecured creditors have also subpoenaed Ian Putnam, former CEO of Saks Global Properties & Investments, seeking to depose him about the company’s real estate portfolio management.