Saks Global Emerges from Chapter 11 as Exemplar Luxury Group with 75% Debt Reduction]
Saks Global has completed its Chapter 11 restructuring and re-emerged under the new name Exemplar Luxury Group (ELG), achieving a significant reduction of nearly 75% in its total debt burden.
The newly rebranded company, which operates iconic retail banners Neiman Marcus, Saks Fifth Avenue, and Bergdorf Goodman, announced it has transitioned to new ownership with a strengthened balance sheet, sufficient liquidity, and a rationalized store portfolio.
ELG aims to expand its position in the U.S. multi-brand luxury retail market through an integrated model spanning physical stores, digital commerce, and remote selling channels.
The company has also completed a board restructuring, with restructuring partners Pentwater Capital Management and Bracebridge Capital each holding two of the seven director seats.
Two independent directors have joined the board: Dave Kimbell, former CEO of Ulta Beauty with prior senior roles at PepsiCo and Procter & Gamble, and currently a board member at Best Buy; and Philippe Schaus, former president and global CEO of Moët Hennessy, former global chairman and CEO of DFS Group, and former member of LVMH’s executive committee for over 12 years.
ELG CEO Geoffroy van Raemdonck stated: “Moving forward as Exemplar Luxury Group 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 Exemplar Luxury Group and the broader luxury ecosystem.”
The company plans to leverage customer insights to shape product ranges and deliver personalized experiences across all three retail brands.
The reorganization plan received court approval earlier this month from the U.S. Bankruptcy Court for the Southern District of Texas, following votes from the overwhelming majority of eligible creditors across the company’s capital structure.
