“We have to get through the regulatory process but otherwise it’s business as usual,” Marc Metrick, chief executive officer of Saks, told WWD on Thursday.
Discussing what lies ahead in the immediate future, Metrick said, “We will focus on what we can control and our strategy.” If the government green-lights the deal, Metrick will become CEO of He stressed that underlying the deal is a move to “growth” and not shrinking the business, though mergers often lead to consolidations. He also said the deal is designed to “motivate” vendors to do more business with Saks Global, and motivate customers to shop more at both Saks and Neiman’s.
In the letter, he wrote, “When this transaction closes, which will happen after customary regulatory review, we will establish Saks Global, a technology-driven company that brings together renowned retailers and real estate assets.”ecosystem to provide better experiences for our customers. At the same time, we will be able to provide new opportunities for our brand partners by helping them reach their target customers across channels.
Most importantly, Metrick wrote that “absolutely no funds that otherwise support operations or vendor payables were used for the financing or associated costs of this transaction. It is our and SFA’s priority to fulfill our obligations to our partners. In the coming weeks, we plan to provide an update on the financial position for Saks and SFA from now through transaction closing.