MajorsJun 04, 2026
Neiman Marcus’ Downtown Dallas Store to Close in SeptemberMajorsJun 30, 2026
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.
Related stories will be right here …
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.
Editors' Picks
Sponsored by
More on Majors
The Latest
Policies & IssuesJul 20, 2026
Tariffs on Brazil to Increase But Rough Gemstones ExemptThe new tariff, imposed after a Trump administration study, is 25 percent and will stack on top of existing tariffs.
CollectionsJul 20, 2026
Vhernier Transforms ‘Freccia’ Collection Into High JewelryThe collection from 2014 has been reinterpreted into high jewelry with its signature triangular-shaped elements.
Events & AwardsJul 20, 2026
TJS Accepting Speaker Proposals for 2027 EventOrganizers are looking for presentations on topics like manufacturing, technology and research, bench work, gemstones, and sustainability.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
CollectionsJul 17, 2026
HOWL Taps Shailene Woodley for ‘Home Sweet Home’ CampaignWoodley is seen in the campaign wearing our Piece of the Week, the “Frida” collar featuring 13 pieces of hand-carved Venetian glass.
Weekly QuizJul 17, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingJul 17, 2026
U.K. Woman Pays £5 for £15K Diamond Ring at Car Boot SaleA WeBuyVintage jewelry expert uncovered how much the flea market find was actually worth.
SourcingJul 17, 2026
Diamond Dealer Jeff Pancis Pens MemoirThe founder of natural colored diamond wholesaler Pancis Gems shares stories from his five decades in the industry.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
Events & AwardsJul 17, 2026
Gem Awards Opens 2027 Nomination PeriodSubmissions for the milestone 25th annual Gem Awards will be accepted across three categories from now through July 31.
EditorsJul 16, 2026
Q&A: Guzema’s Co-Owners On Its US Expansion, 10-Year AnniversaryValeriya Guzema and Mariana Lenha look back on the last decade and discuss the Ukrainian brand’s first U.S. store.
SourcingJul 16, 2026
Ekati to Close, Leaving Canada With One Diamond Mine The diamond mine, which opened nearly 30 years ago in Canada’s Northwest Territories, is expected to shut down by mid-August.
FinancialsJul 16, 2026
Richemont’s Jewelry Sales Soar for the Seventh Quarter in a RowJewelry sales for the company, which owns Cartier, Van Cleef & Arpels, Vhernier, and Buccellati, rose 21 percent in the first quarter.
Events & AwardsJul 16, 2026
MJSA Mentor & Apprenticeship Program Certifies First Advanced Apprentice GraduateThe graduate, Grace Barden, credited the program with helping her secure a job as a bench jeweler.
Events & AwardsJul 16, 2026
Jewelers of Louisiana to Host 80th ConventionThe event, scheduled for next month in New Orleans, will include dinner, a custom jewelry design contest, and education sessions.
SourcingJul 15, 2026
1,305-Carat Diamond Recovered from Mine in BotswanaThe yet-to-be named stone is the 10th diamond weighing more than 1,000 carats to come out of Lucara’s Karowe mine.
IndependentsJul 15, 2026
New Jersey Jeweler Barry Berman Dies at 81The founder of Fords Jewelers, Berman is remembered for his love of connecting with his community.
FinancialsJul 15, 2026
Watches of Switzerland’s US Sales Jump 18%, Declines to Comment on Sale Report The watch and jewelry retailer had a strong fiscal year despite what its CEO described as a “complex operating backdrop.”
Events & AwardsJul 15, 2026
Hamptons Jewelry Show to Return in JulyThe open-to-the-public luxury jewelry and timepiece show, in its second year, is slated for July 23-26.
CollectionsJul 15, 2026
Pomellato’s New High Jewelry Is LiberatingBold color, expressive gem-setting, and sculptural form define the three chapters that make up “Stile Libero.”
IndependentsJul 14, 2026
Foundrae Opens First Standalone Store Outside USThe New York-based jewelry brand has expanded overseas, opening a store in London’s Mayfair district.
ColumnistsJul 14, 2026
Sherry Smith: What Today’s Jewelry Consumer Is Telling Us Rising revenue does not automatically mean a healthy business, particularly in the current economic landscape, Smith writes.
TrendsJul 14, 2026
Amanda’s Style File: Shoulder Dusters These long, fluid drop earrings are sure to catch the eye.
CrimeJul 14, 2026
Man Charged in $1M Jewelry Store Heist Lands on FBI Most Wanted ListAlberto Perez-Elias is one of four men charged with robbing a Cape Coral, Florida, jewelry store and is the only one still at large.
Events & AwardsJul 14, 2026
Conference on Mining, Sustainability Kicks Off in NYCInitiatives in Art and Culture is hosting its 16th annual Gold and Diamond Conference, with the theme of “Resilience.”
Lab-GrownJul 13, 2026
Stephanie Gottlieb Changes Her Mind on Lab-Grown DiamondsThe designer, who once said she’d never sell lab-grown diamonds, debuted two capsule collections designed to be fun and easy to wear.
SourcingJul 13, 2026
De Beers Announces Potential Layoffs, 2-Year Production Pause at VenetiaThe diamond miner and marketer is undergoing another round of cost-cutting measures ahead of its sale by Anglo American.
Events & AwardsJul 13, 2026
Registration Opens for JIS Fall 2026 ShowThe annual trade-only buying event is slated for Oct. 16-19 in Miami Beach, Florida.
