Saks Global, the parent company of Neiman Marcus, Saks Fifth Avenue, and Bergdorf Goodman, emerged from Chapter 11 bankruptcy with a new name, Exemplar Luxury Group (ELP). CEO Geoffroy van Raemdonck said the New York–based company is ready for its next chapter after navigating several tumultuous years, with an improved balance sheet that includes a nearly 75% reduction in debt, sufficient liquidity, and $500 million in additional financing.
"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 Geoffroy van Raemdonck, Chief Executive Officer, Exemplar Luxury Group. "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. As the gateway to the US luxury customer, we are uniting coveted brands with unrivaled customer experiences to drive growth for Exemplar Luxury Group and the broader luxury ecosystem. We are deeply grateful to our customers, brand partners, capital partners and colleagues, whose loyalty and support have made this possible."
Before the bankruptcy, the company had 33 Saks stores and 36 Neiman Marcus locations, Bergdorf Goodman, and roughly 70 Saks Off 5th discount stores. The retailer comes out the other side with a significantly slimmed-down fleet of 49 stores, including 15 Saks Fifth Avenue stores, 33 Neiman Marcus stores, and its Bergdorf Goodman store. Almost all its Saks Off Fifth discount stores were shut down, leaving just 12 outlets.
Looking ahead, ELG will reimagine luxury retail by harnessing rich customer insights to curate distinct product assortments and deliver personalized experiences tailored to the evolving needs of the luxury customer. This is powered by a best-in-class team, including long-tenured selling associates who foster lasting customer relationships, and experienced leaders who bring deep institutional knowledge, strong connections with brand partners, and a strategic mindset to guide the retailer into the future. As ELG looks to advance its leading role in the luxury retail ecosystem as the gateway to the US luxury consumer, the company is focused on unlocking the full potential of the combined entity.
With the company’s emergence from bankruptcy, a new board of directors has been formed. Pentwater Capital Management and Bracebridge Capital, the investment firms that have partnered with the company throughout the restructuring process, will each have two representatives on the seven-person board.
In addition, Geoffroy van Raemdonck was named to the board, along with two independent directors, Dave Kimbell and Philippe Schaus. Kimbell previously served as CEO of Ulta Beauty. Schaus most recently served as President and Global CEO of Moët Hennessy after his role as the Global Chairman and CEO of DFS Group.
In one of the largest retail collapses since the pandemic, Saks Global filed for Chapter 11 bankruptcy on January 13, reporting $1 billion to $10 billion in both assets and liabilities stemming from the $2.7 billion acquisition of the Neiman Marcus Group, led by Richard Baker.
