Saks exits bankruptcy with new name, new owners and a slimmed-down footprint

New York – Saks Global has completed its restructuring process and emerged from Chapter 11 bankruptcy under new ownership, rebranding as Exemplar Luxury Group.

The company remains the parent of three multi-brand luxury retailers: Neiman Marcus, Saks Fifth Avenue and Bergdorf Goodman.

Saks Global Enterprises LLC and more than 100 affiliated debtors had filed voluntary Chapter 11 petitions in January in the U.S. Bankruptcy Court for the Southern District of Texas, listing assets and liabilities of $1 billion to $10 billion. The filing followed a liquidity crunch tied to the company’s $2.7 billion acquisition of Neiman Marcus in 2024, which left the retailer with a heavier debt load as vendor relationships and inventory flow came under strain.

At the time of filing, the company operated 33 Saks Fifth Avenue, 81 Saks Off 5th, 36 Neiman Marcus, two Bergdorf Goodman and five Last Call stores. Since then, the company has closed most of its off-price locations and trimmed its full-line fleet through several rounds of store closures, with Saks Fifth Avenue’s footprint shrinking more sharply than Neiman Marcus’s. Bergdorf Goodman’s two New York stores remain unaffected.

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The restructuring resulted in a nearly 75% debt reduction and a strengthened balance sheet, giving Exemplar liquidity and the backing of its capital partners to pursue “long-term, profitable growth”, the company said.

“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, chief executive officer of Exemplar Luxury Group. He said the new name reflects shared values across the three brands and a commitment to setting the standard for luxury retail.

The company said it will continue to focus on its integrated retail model, combining an optimized store footprint with e-commerce and remote selling services, while using customer insights to curate product assortments and personalize the shopping experience.

The company’s board of directors has been changed, too, as part of the emergence. Investment firms Pentwater Capital Management and Bracebridge Capital, which partnered with the company through the restructuring, will each hold two of seven board seats.

Van Raemdonck will also serve on the board, joined by two new independent directors: Dave Kimbell, former CEO of Ulta Beauty who has also held leadership roles at PepsiCo and Procter & Gamble and currently sits on Best Buy’s board; and Philippe Schaus, former president and global CEO of Moët Hennessy and former global chairman and CEO of DFS Group.