Saks Global Emerges From Chapter 11 as Exemplar Luxury Group
Saks Global has completed its Chapter 11 restructuring and re-emerged under the name Exemplar Luxury Group (ELG), cutting its total debt by close to 75 percent, reports Yahoo Finance. The company, which operates Neiman Marcus, Saks Fifth Avenue, and Bergdorf Goodman, said it has entered new ownership with a "strengthened" balance sheet, "sufficient" liquidity, and a rationalized store estate. It is positioning itself as the "luxury collective uniting coveted brands with unrivaled customer experiences." ELG intends to grow its position in U.S. multibrand luxury retail through a model spanning physical stores, digital commerce and remote selling channels.
The board of directors has been reconstituted following the bankruptcy process. Restructuring partners Pentwater Capital Management and Bracebridge Capital will each hold two of the seven board seats. Two independent directors have been appointed to the board: Dave Kimbell, former CEO of Ulta Beauty and board director at Best Buy; and Philippe Schaus, former president and global CEO of Moët Hennessy and global chairman and CEO of DFS Group.
Total Retail's Take: New life has been breathed into Saks Global … at least temporarily. The company's struggles intensified in 2024 with its ambitious acquisition that brought together luxury department stores Saks Fifth Avenue, Neiman Marcus Group, and Bergdorf Goodman under one umbrella. In early 2026, the conglomerate filed for bankruptcy with a staggering debt load of $3.4 billion. The business emerged fairly quickly under new owners, with a new name, and with a reduced debt of about $1.2 billion.
Geoffroy van Raemdonck will remain on as CEO of the newly formed company. He said in a company press release, "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. As the gateway to the U.S. luxury customer and curator of the world’s most desired brands, we are well positioned to drive growth for our business and the broader luxury ecosystem."
Exemplar Luxury Group’s post-bankruptcy plan includes operating 49 stores across its three banners after closing roughly 100 during bankruptcy, primarily Saks locations. The company also shut down Saks Off 5th’s e-commerce entirely. Trimming down its off-price offerings is planting ESG's focus firmly on full-price selling in the luxury market, which could be challenging. The company projects it will take three years to become profitable.
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- Geoffroy van Raemdonck
Kristina Stidham is the digital content director at Total Retail and sister brands Women in Retail Leadership Circle and Women Leading Travel & Hospitality at NAPCO Media. She is passionate about digital media and handles video, podcast and virtual event production for all brands. You can often find her at WIRLC, TR, WLT&H or industry events with her camera and podcasting equipment—or at home on Zoom—recording interviews with thought leaders and business executives.
Kristina holds a B.A. in Media Studies and Production from the Temple University Klein College of Media and Communication in Philadelphia. Go Owls! When she's not in the office, she loves to go on long walks, sing around the house, hangout with her family and two pet guinea pigs, and travel to new places.
