Saks Global has emerged from Chapter 11 and has rebranded under a new name – the Exemplar Luxury Group.
The company said late Friday afternoon that, as expected, it completed its restructuring process, putting it under new ownership with “a substantially strengthened balance sheet, including a nearly 75 percent debt reduction, sufficient liquidity and the full backing of its capital partners and other key stakeholders.”
With the company’s emergence from bankruptcy, a new board of directors has been formed. Pentwater Capital Management and Bracebridge Capital, the investment firms that have partnered with the company throughout the restructuring process, will each have two representatives on the seven-person board.
In addition, Geoffroy van Raemdonck, chief executive officer of the Exemplar Luxury Group, was named to the board, along with two independent directors. They are Dave Kimbell and Philippe Schaus. Kimbell previously served as CEO of Ulta Beauty. He has also held leadership positions at PepsiCo and The Procter & Gamble Company, and currently serves on the board of Best Buy Inc.
Schaus most recently served as president and global CEO of Moët Hennessy after his role as the global chairman and CEO of DFS Group, while being a member of the executive committee of LVMH Moet Hennessy Louis Vuitton for over 12 years.
“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,” van Raemdonck said in a statement. “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 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. We are deeply grateful to our customers, brand partners, capital partners and colleagues, whose loyalty and support have made this possible.”
The company also stated that the restructuring has provided it with “a solid financial foundation with a right-sized capital structure and the liquidity necessary to support long-term growth and profitability.”
The group operates Neiman Marcus, Bergdorf Goodman and Saks Fifth Avenue. Dropping the Saks Global name reflects rounds of Saks Fifth Avenue store closings during the bankruptcy process, while Neiman Marcus has retained the vast majority of its stores, and Bergdorf’s continues with its two stores, the women’s flagship and the men’s store.
Saks Global declared bankruptcy in January 2026, a result of its inability to pay vendors and sustain ample levels of inventory, and huge debt, all stemming from the $2.7 billion acquisition of the Neiman Marcus Group, led by Richard Baker.
