Richard Baker, who serves as the executive chairman of Saks Global, was briefly the CEO of the company in early 2026. His leadership has been pivotal in major acquisitions, including the merger of Saks Fifth Avenue and Neiman Marcus Group in 2024, which was valued at $2.7 billion. However, the current scrutiny comes as unsecured creditors, representing major fashion entities like Amazon and Chanel, have issued a subpoena demanding documents related to Baker’s communications with former CEO Marc Metrick.

The creditors are particularly interested in payments made to vendors within 90 days before the bankruptcy filing in January, which they believe could be clawed back. They have set a deadline of April 23 for Baker to produce the requested documents. Baker’s attorney, Rachel Strickland from Ropes & Gray, has indicated that Baker will not comply with the subpoena, asserting that the creditors lack a solid basis for their claims.

Mark Cohen, a representative for the creditors, stated, “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.” This highlights the contentious nature of the creditors’ demands and Baker’s resistance to provide the documents.

Despite the ongoing dispute, the creditors have clarified that they are not currently seeking to depose Baker, focusing instead on obtaining documentation that could shed light on the financial practices leading up to the bankruptcy. The creditors’ committee has emphasized the importance of Baker’s information, stating, “There can be no meaningful dispute that Mr. Baker has responsive information to which the committee is entitled.”

As the situation unfolds, the implications for Baker and Saks Global remain significant. The creditors are navigating a complex landscape of financial accountability, and Baker’s refusal to share information could have repercussions for the ongoing bankruptcy proceedings.

In the backdrop of this legal battle, Baker’s history with NRDC Equity Partners, which acquired Lord & Taylor in 2006, adds another layer of complexity to the current scrutiny. The creditors are keenly aware of the potential for litigation and are exploring avenues for negotiation should a viable cause of action arise.

As the April 23 deadline approaches, the outcome of this subpoena could set a precedent for how financial disclosures are handled in high-stakes acquisitions within the fashion industry. Details remain unconfirmed regarding the full extent of Baker’s communications and the creditors’ next steps following the deadline.

The post Richard Baker Faces Subpoena Amid Neiman Marcus Acquisition Scrutiny appeared first on DG News Sport.

“We did everything we possibly could to keep it going, but we got to the point where we couldn’t hold off anymore,” said Kevin Waddison, reflecting on the recent liquidation of Coastal Construction. The company, which has been a significant player in the construction sector, particularly for Norwich City FC (NCFC), has now entered liquidation owing creditors a staggering £1.06 million.

Coastal Construction, established by Peter Waddison, who passed away in 2023, ceased trading in October 2025. The company had 26 creditors, including Norwich City, which filed a petition to wind up the firm. This development has raised concerns about the financial stability of the club’s construction projects and its relationship with local contractors.

Financial Struggles and Creditor Pressure

Kevin Waddison elaborated on the challenges faced by the company, stating, “It shows the sort of pressure we were getting from some of our creditors.” The financial strain was exacerbated by the introduction of nutrient neutrality planning rules, which caused significant delays to housing projects that Coastal Construction was involved in. This regulatory hurdle has had a cascading effect on the company’s ability to generate revenue.

In an effort to stabilize the business, Kevin and his brother Gary Waddison injected around £300,000 of their own money into Coastal Construction last year. Despite these efforts, the mounting debts proved insurmountable. “Unfortunately we could not trade any longer,” Kevin added, highlighting the difficult decisions that led to the company’s downfall.

Impact on Norwich City FC

As the official building contractor for Norwich City, Coastal Construction’s liquidation raises questions about ongoing and future projects associated with the club. The company had also invested in a hospitality box at Carrow Road, further intertwining its financial fate with that of NCFC. The club’s management will now need to navigate the implications of this liquidation, especially regarding its construction plans and partnerships.

The liquidation of Coastal Construction is a stark reminder of the vulnerabilities within the construction industry, particularly for companies reliant on steady cash flow and favorable regulatory conditions. The situation is still evolving, and stakeholders are keenly awaiting further developments as the impact of this liquidation unfolds.

The post Ncfc: Coastal Construction Liquidation: Impacts on appeared first on DG News Sport.