Saks Global has officially exited Chapter 11 bankruptcy protection and rebranded as Exemplar Luxury Group.
The restructuring eliminated nearly 75 percent of the company's debt and significantly reduced its retail footprint.
The New York-based parent company of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman filed for bankruptcy in January with $3.4 billion in debt.
The financial trouble followed its debt-laden $2.7 billion acquisition of Neiman Marcus in 2024.
According to The Associated Press, the restructured company secured $500 million in extra financing.
Its brick-and-mortar presence now totals 49 stores, down from over 140 locations before the restructuring.
The downsizing involved closing 12 Saks Fifth Avenue locations, three Neiman Marcus stores, and 62 off-price outlets.
The off-price closures included 57 Saks OFF 5th stores and all five Neiman Marcus Last Call stores.
During the restructuring, Exemplar Luxury Group also ended its e-commerce partnership with Amazon.
Luxury brands had objected to selling their merchandise on a mass-market platform, according to Fox Business.
Chief Executive Officer Geoffroy van Raemdonck, who took leadership of the unified company in January, said the restructuring allows the luxury retailer to focus entirely on personalized experiences for affluent shoppers.
"Today is really a brand new day for the organization and a new day where these three iconic banners have the right funding, the right equity and a bright future ahead of them," van Raemdonck told The Associated Press.
The CEO noted that the company plans to leverage its customer data and high-performing sales associates to cultivate its specialized high-end retail strategy.
"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," van Raemdonck said in a statement reported by Fox Business.
The executive, who previously guided Neiman Marcus through its separate 2020 bankruptcy, emphasized that the corporate pivot secures the operational foundation for their premier fashion brands.
"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 newly formed seven-person board of directors includes van Raemdonck alongside former Ulta Beauty CEO Dave Kimbell and former Moët Hennessy CEO Philippe Schaus.
"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 stated, as reported by National Jeweler.
Investment firms Pentwater Capital Management and Bracebridge Capital, which partnered with the retailer during the restructuring and provided a $1 billion debtor-in-possession loan package, will each hold two seats on the new board.
