Saks Global has emerged from chapter 11 bankruptcy after nearly five months with a new name, less debt, fewer stores and a renewed focus on “leading multi-brand luxury retail in the US”.
The parent company of US retail brands Neiman Marcus, Saks Fifth Avenue and Bergdorf Goodman will now operate under the name Exemplar Luxury Group (ELG), following the completion of its restructuring process under new ownership.
The new name is said to signify the company's focus on an exemplary shopping experience, while company debt has been reduced by nearly 75%, leading to a “substantially strengthened balance sheet”, and US$500m scored in extra financing.
ELG said its focus going forward is to lead “multi-brand luxury retail in the US”, read a company statement.
"This pivotal moment reinforces the enduring strength of our business, our luxury banners and our team as we look ahead to a bright future guided by our relentless devotion to our customers," said Geoffroy van Raemdonck, CEO of ELG.
"Moving forward, as ELG reflects the shared ideals that anchor each of our banners and our commitment to setting the standard of excellence for luxury retail across all three.
“As the gateway to the US luxury customer, we are uniting coveted brands with unrivalled customer experiences to drive growth for ELG and the broader luxury ecosystem.
“We are deeply grateful to our customers, brand partners, capital partners and colleagues, whose loyalty and support have made this possible."
Saks Global filed for chapter 11 bankruptcy protection in January after debts weighed on the business from its $2.7bn acquisition of department store chain Neiman Marcus in 2024.
Prior to bankruptcy, the company had 33 Saks stores and 36 Neiman Marcus locations, as well as its Bergdorf Goodman store on Fifth Avenue and roughly 70 Saks Off 5th discount stores.
Now there are 49 stores, split between 15 Saks Fifth Avenue sites, 33 Neiman Marcus and the Bergdorf Goodman store on Fifth Avenue.
The company shuttered most of its Saks Off 5th discount stores, leaving just 12 outlets.
ELG said it will leverage its differentiated capabilities to ensure growth, including its integrated retail model, “anchored by an optimised store footprint, e-commerce platforms and remote selling services”, added the company statement.
It also aims to reimagine luxury retail by “harnessing rich customer insights to curate distinct product assortments and deliver personalised experiences” tailored to the evolving needs of its customers.
ELG’s reconstituted board of directors will also include two representatives each from investment firms Pentwater Capital Management and Bracebridge Capital – firms that partnered with Saks during the restructuring process.
Two independent directors have also been named – Dave Kimbell, who previously served as CEO of Ulta Beauty, and Philippe Schaus, who most recently served as President and Global CEO of Moët Hennessy.
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