Saks Global exits bankruptcy; changes name, slashes debt
Saks Global has emerged from Chapter 11 bankruptcy protection with a new corporate name, new owners, less debt and a greatly reduced store footprint.
The parent company of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, has rebranded itself as Exemplar Luxury Group in a nod to its high-end luxury positioning. The company has reduced its debt by nearly 75% and added $500 million in new exit financing, and said it has “sufficient liquidity” to drive long-term profitable growth.
“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 CEO Geoffroy 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.”
The company is now under new ownership led by its key restructuring partners — investment firms Pentwater Capital Management and Bracebridge Capital — who will each have two representatives on the seven-person board.
In addition, van Raemdonck was named to the board along with two independent directors, including Dave Kimbell, who previously served as CEO of Ulta Beauty and currently serves on the Best Buy board. The other is Philippe Schaus, who most recently was president and Global CEO of Moët Hennessy after serving as global chairman and CEO of DFS Group, while being a member of the executive committee of LVMH for over 12 years.
Saks Global filed for bankruptcy in January 2026, with a list of creditors that included some of the biggest names in luxury retail. The company had struggled with a heavy debt load following its $2.7 billion purchase of Neiman Marcus Group. Prior to the filing, it reportedly has been struggling to pay vendors, with many brands stopping shipping new inventory to its stores.
In the months since it filed, the company made a number of changes, including focusing on its full-price luxury business by closing nearly the entire off-price Saks Off5th store fleet. It also launched a “planned optimization" across its store portfolio hat has left it with a total of 49 stores. Including 33 Neiman Marcus locations, 15 Saks Fifth Avenue stores and two Bergdorf Goodman stores.
