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Saks Global Emerges From Bankruptcy With New Name
The luxury retailer is now called Exemplar Luxury Group.
Saks Fifth Avenue parent company Saks Global has emerged from bankruptcy with a new name.
New York—Saks Global has emerged from Chapter 11 bankruptcy with a new name and a new ownership structure.
Now called Exemplar Luxury Group (ELG), the retail group comprising Neiman Marcus, Saks Fifth Avenue, and Bergdorf Goodman plans to focus on offering a personalized luxury shopping experience, having moved away from its off-price business.
The company filed for Chapter 11 bankruptcy protection in January as it faced mounting debt and the loss of key executives and merchants.
The restructuring process has reduced its debt by 75 percent and bolstered its liquidity, the company said.
The company has emerged with a downsized workforce and a smaller footprint, having shuttered more than a dozen Saks Fifth Avenue stores and three Neiman Marcus locations to date, with its Dallas store to soon follow. It also closed most of its Saks Off 5th stores and all Last Call stores.
Bergdorf Goodman has seen no changes throughout the process.
As for its new ownership, ELG partnered with investment firms Pentwater Capital Management and Bracebridge Capital throughout the restructuring process. The firms will each have two representatives on its seven-person board.
Two independent directors, former Ulta Beauty CEO Dave Kimbell and former LVMH executive Philippe Schaus, were also named to the board alongside ELG CEO Geoffroy van Raemdonck.
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Now called Exemplar Luxury Group (ELG), the retail group comprising Neiman Marcus, Saks Fifth Avenue, and Bergdorf Goodman plans to focus on offering a personalized luxury shopping experience, having moved away from its off-price business.
The company filed for Chapter 11 bankruptcy protection in January as it faced mounting debt and the loss of key executives and merchants.
The restructuring process has reduced its debt by 75 percent and bolstered its liquidity, the company said.
The company has emerged with a downsized workforce and a smaller footprint, having shuttered more than a dozen Saks Fifth Avenue stores and three Neiman Marcus locations to date, with its Dallas store to soon follow. It also closed most of its Saks Off 5th stores and all Last Call stores.
Bergdorf Goodman has seen no changes throughout the process.
As for its new ownership, ELG partnered with investment firms Pentwater Capital Management and Bracebridge Capital throughout the restructuring process. The firms will each have two representatives on its seven-person board.
Two independent directors, former Ulta Beauty CEO Dave Kimbell and former LVMH executive Philippe Schaus, were also named to the board alongside ELG CEO Geoffroy van Raemdonck.
Van Raemdonck, former CEO of Neiman Marcus, stepped into the role in January following the departure of two CEOs in quick succession.
Former Saks Global CEO Marc Metrick, a 30-year veteran of the company who held the role for a year, stepped down in January. Metrick’s replacement, Richard Baker, stepped down two weeks after his appointment.
At the time of van Raemdonck’s appointment, Saks Global had officially owned Neiman Marcus Group since December 2024, when it acquired the retailer in a deal valued at $2.7 billion.
The completed acquisition marked the first name change for the retailer. Toronto-based HBC, the parent company of Saks Fifth Avenue, had entered into an agreement to acquire Neiman Marcus Group, which owned Neiman Marcus and Bergdorf Goodman.
When the transaction was complete, HBC formed Saks Global.
Van Raemdonck was up to the task of leading Saks Global, having seen Neiman Marcus through its bankruptcy proceedings in 2020.
"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 van Raemdonck.
"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.”
Going forward, ELG said its plan is to utilize luxury customer insights to curate product assortments and deliver personalized experiences to drive growth.
It said it will lean on its team, including longtime sales associates with strong customer relationships and experienced leaders with institutional knowledge, to guide the company forward.
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