Employees of NM/BG/Saks, get your resumes ready.
Mr Baker, CEO of Saks Global, has a history of ki-ling off retail brands and his main interest is real estate not investing in his retail brands.
Eddie Lambert, CEO of Sears US/Canada and Kmart, uses the same strategy.
The following brands Baker owns/owned have either gone bankrupt or been sold off only to go bankrupt due to his lack of investment.
After gutting Lord & Taylor, the company sold the LeTote and went bankrupt in 2020.
They bought Fortunoff’s in 2007, only to place it into bankruptcy a few years later.
Zellers, a Canadian discount store that was part of the HBC “Hudson Bay Company,” sold the leases to Target in 2011, and the brand went bankrupt by 2012.
In March 2025, Hudson’s Bay in Canada—spun off from Saks in December 2024 because Baker bought Neiman Marcus Group. It has filed for Bankruptcy due to Richard Baker’s shortsighted intentions in investing in the retail brand and is likely to close if it doesn’t secure funding.