Saks Global Rebrands as Exemplar Luxury Group After Bankruptcy Exit

Luxury retailer Saks Global announced Friday it will operate under a new name after emerging from bankruptcy, having significantly reduced its store footprint and debt obligations. The company—which owns Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman—will now operate as Exemplar Luxury Group (ELG) with a dedicated focus on luxury retail.

“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,” said CEO Geoffroy van Raemdonck. “As the gateway to the U.S. luxury customer, we are uniting coveted brands with unrivaled customer experiences to drive growth for Exemplar Luxury Group and the broader luxury ecosystem,” he added.

The company said the restructuring process eliminated 75% of its prior debt, though it also wiped out existing equity and reduced its store count. ELG exited bankruptcy with 49 stores after closing 62 off-price locations, including 57 Saks OFF 5th stores and all five Neiman Marcus Last Call outlets. The retailer also shuttered 12 Saks Fifth Avenue locations and three Neiman Marcus stores in March; it had entered Chapter 11 with 33 Saks Fifth Avenue flagships.

Saks Global is rebranding as Exemplar Luxury Group after its bankruptcy and restructuring. (Mike Segar/Reuters)

During the restructuring, Saks Global ended its partnership with Amazon to sell products on the e-commerce platform after facing pushback from luxury brands opposed to selling on a mass-market site. The company’s 2024 merger with Neiman Marcus—a $2.7 billion deal orchestrated by the former CEO—aimed to create a luxury powerhouse but burdened Saks with debt just as global luxury sales were slowing, complicating an already difficult turnaround.

The rebranded firm is the parent of brands including Neiman Marcus. (Noam Galai/Getty Images)

After struggling with weak sales for over a year as debt mounted, Saks filed for bankruptcy in January with $3.4 billion in liabilities, including over $337 million owed to critical suppliers such as Chanel and Kering, the owner of Gucci. The company secured approval for a $1 billion bankruptcy loan in February, designating $600 million of that financing for vendor payments.

The restructuring saw the parent company close off-price locations like Saks OFF 5th. (Jeff Greenberg/Education Images/Universal Images Group via Getty Images)

ELG’s new board will include two representatives each from investment firms Pentwater Capital Management and Bracebridge Capital, which partnered with the company during the restructuring process.

Reuters contributed to this report.

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