Saks exits Chapter 11, rebrands as Exemplar Luxury Group
Roughly half a year after filing for Chapter 11, retail giant Saks Global has emerged from bankruptcy protection, and changed its name to Exemplar Luxury Group. The company — which owns Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman — says it has cut its debt by 75% and secured $500 million in new funding. CEO Geoffroy van Raemdonck, who was appointed to lead Saks' restructuring, tells The New York Times the new-look company will focus more exclusively on higher-end retail, pledging to "reimagine what the luxury experience is."
Roughly six months after filing for Chapter 11 bankruptcy protection, retail giant Saks Global has successfully emerged from restructuring. As part of its fresh start, the company has officially changed its name to Exemplar Luxury Group.
The luxury retailer, which owns iconic brands including Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, announced significant progress in strengthening its financial position. It has reduced its debt by 75% through the bankruptcy process.
In addition to slashing its debt burden, the company has secured $500 million in new funding. This capital infusion is expected to support its operations and strategic initiatives moving forward.
Geoffroy van Raemdonck, who was appointed to lead the company’s restructuring efforts, shared insights on the company’s vision in an interview with The New York Times. He emphasized a renewed commitment to the luxury sector.
Under the new Exemplar Luxury Group identity, the company plans to focus more exclusively on higher-end retail. Van Raemdonck pledged to “reimagine what the luxury experience is” for its customers in the years ahead.
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