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.
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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.
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"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.
