Key facts
- Saks Global has emerged from Chapter 11 bankruptcy, rebranding as Exemplar Luxury Group.
- The company's debt has been reduced by approximately 75%.
- Exemplar Luxury Group secured $500 million in additional financing.
- The company aims for $9 billion in Gross Merchandise Value and double-digit adjusted EBITDA by FY30.
- The company has reduced its store footprint, closing most Saks Off Fifth locations.
Saks Global has officially emerged from Chapter 11 bankruptcy, adopting the new corporate name Exemplar Luxury Group. The restructuring significantly reduces the company's debt by approximately 75% and injects $500 million in additional financing, positioning it for a focused strategy on luxury retail and personalized customer service. CEO Geoffroy van Raemdonck stated the new name signifies a commitment to an exemplary shopping experience, leveraging customer data and the expertise of its sales associates. The company previously operated 33 Saks stores, 36 Neiman Marcus locations, its Bergdorf Goodman store, and roughly 70 Saks Off 5th discount stores. Post-restructuring, the company will operate 49 stores, including 15 Saks Fifth Avenue locations, 33 Neiman Marcus stores, and the Bergdorf Goodman store, with most Saks Off 5th discount stores shuttered, leaving 12 outlets. The company aims to achieve $9 billion in Gross Merchandise Value and double-digit adjusted EBITDA by fiscal year 2030.