Saks Rebrands and Restructures After Successful Bankruptcy Exit

WHO:

ABC News Business - Saks Global is the parent company of Neiman Marcus, Saks Fifth Avenue, and Bergdorf Goodman.

AP News - Geoffroy van Raemdonck is the CEO of the newly named Exemplar Luxury Group.

WHAT:

ABC News Business - Saks Global officially emerged from Chapter 11 bankruptcy with a new name, Exemplar Luxury Group.

AP News - The company reduced its debt by nearly 75% and secured $500 million in extra financing.

AP News - The company now operates a total of 49 stores, including 15 Saks Fifth Avenue stores, 33 Neiman Marcus stores, and its Bergdorf Goodman store.

AP News - The company has closed most of its Saks Off 5th discount stores, now operating only 12 outlets.

AP News - The company employs more than 1,500 sales associates who have each sold over $1 million of goods.

WHERE:

AP News - The company is based in New York.

WHEN:

AP News - Saks Global filed for bankruptcy protection in January of the current year.

AP News - The acquisition of Neiman Marcus occurred in July 2024.

WHY:

AP News - The company faced rising competition and significant debt from the acquisition of Neiman Marcus.

HOW:

AP News - Exemplar Luxury Group collaborated with Pentwater Capital Management and Bracebridge Capital during its restructuring process, with both firms having two representatives on the seven-person board.

(UPDATED June 27, 2026 01:36 UTC)

Saks Global has officially emerged from Chapter 11 bankruptcy and is now known as Exemplar Luxury Group, led by CEO Geoffroy van Raemdonck. The company has significantly reduced its debt by nearly 75% and secured $500 million in additional financing, now operating 49 stores, including 15 Saks Fifth Avenue locations and 33 Neiman Marcus outlets. Based in New York, Exemplar Luxury Group has closed most of its Saks Off 5th discount stores, maintaining only 12, while employing over 1,500 sales associates who have each sold more than $1 million in goods.