What does the subpoena issued to Richard Baker by unsecured creditors mean for the future of Saks Global? The executive chairman is under pressure to provide documents related to the controversial acquisition of Neiman Marcus Group for $2.7 billion.
On April 23, Baker must produce all communications with former CEO Marc Metrick, as creditors seek clarity on payments made to vendors within 90 days prior to the bankruptcy filing in January. The creditor committee, which represents major players like Amazon and Chanel, believes Baker holds crucial information.
Despite the urgency, Baker has refused to comply with the subpoena through his attorneys. His legal counsel, Rachel Strickland from Ropes & Gray, argues that the unsecured creditors lack a solid basis for their claims. “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 representative for Baker.
The creditors, however, maintain that there is no dispute regarding Baker’s possession of responsive information. “There can be no meaningful dispute that Mr. Baker has responsive information to which the committee is entitled,” stated the creditors committee.
This legal battle stems from Baker’s history with Saks Global, where he briefly served as CEO in early 2026 and engineered the merger of Saks Fifth Avenue and Neiman Marcus Group in 2024. The creditors are particularly concerned about the financial maneuvers leading up to the bankruptcy, which could involve clawing back payments.
As the deadline approaches, the situation remains tense. While the creditors are not currently seeking to depose Baker, the implications of his refusal to provide documents could escalate the conflict.
Industry experts like David Banker suggest that if a legitimate cause of action emerges, it could lead to negotiations outside the estate. The outcome of this subpoena could significantly impact Baker’s leadership and the financial stability of Saks Global.
Details remain unconfirmed regarding the next steps if Baker fails to comply with the subpoena. The fashion industry is watching closely as this high-stakes situation unfolds.