Saks Global’s unsecured creditors are issuing a subpoena in order to obtain documents from Richard Baker, including all communications between him and ex-CEO Marc Metrick, which he so far refuses to share.
Through his attorneys, Baker, the real estate mogul who engineered the merger of Saks Fifth Avenue and Neiman Marcus Group in 2024, has rebuffed numerous requests for various documents, according to a Thursday filing with the bankruptcy court in the Southern District of Texas in Houston. Baker is executive chairman of Saks Global and for a brief time in the new year was also its CEO.
The unsecured creditors call him “a hands-on executive involved in nearly every key transaction the Company entered into, including the Neiman Acquisition,” who has a duty to provide what they seek. That includes all communications between Baker and Metrick that pertain to the luxury company. Metrick was in the role all last year, and was replaced by Geoffroy van Raemdonck, after Baker’s brief stint, when the company filed for bankruptcy.
These creditors — which are those, like many vendors, with back invoices that are unlikely to be paid or paid in full — also want documents that identify all “corporations, companies, limited liability companies, partnerships, or other corporate entities” created by Baker or affiliated with him, including via a “a direct or indirect pecuniary interest.” And they want information about art pieces, jewelry or items that Baker or his affiliates “lent, sold, or leased” to Saks Global.
The request also covers information related to the late 2024 acquisition of Neiman Marcus Group for $2.7 billion, including all communications between Baker and anyone affiliated with Neiman Marcus Group; communications between Baker and any Saks Global vendors; documentation and communications related to Saks Global real estate; and documents and communication related to former Lord & Taylor locations.
Baker’s company NRDC Equity Partners acquired Lord & Taylor in 2006. After various Lord & Taylor property was sold, apparel rental site Le Tote bought the department store in 2019 and Le Tote shortly after filed for bankruptcy.
“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,” said Mark Cohen, a former department store executive with experience in bankruptcies who previously led retail studies at Columbia University’s business school. “They are out in the cold looking for a way in.”
Rachel Strickland, named in the papers as Baker’s attorney, didn’t immediately return a request for comment about whether Baker has refused these requests or why.
The unsecured creditors have also subpoenaed Ian Putnam, former CEO of Saks Global Properties & Investments, and are seeking to depose him. Putnam, tasked to “manage, maximize and enhance the company’s robust portfolio of assets,” has also retained Strickland, per another filing. Putnam reported to Baker following the acquisition of Neiman Marcus Group.
At this point the creditors are not seeking to depose Baker. But they have given him until end of business on April 23 to produce the documents they’re seeking.
