Saks Fifth Avenue’s parent company emerged from bankruptcy late Friday as Exemplar Luxury Group, completing a restructuring that slashed nearly 75% of its debt load and positioned the luxury retailer for a focused return to full-price selling.
The company, which also owns Neiman Marcus and Bergdorf Goodman, filed for Chapter 11 protection in January 2026 after struggling under the weight of a $2.7 billion acquisition of Neiman Marcus completed in July 2024. The deal, meant to create a luxury powerhouse, instead burdened the company with debt at a time when luxury sales were slowing globally.
With bankruptcy exit on June 26, Exemplar Luxury Group now operates 49 full-line stores after closing 62 off-price locations during the restructuring, including 57 Saks OFF 5th stores and all five Neiman Marcus Last Call locations. The company also shut 12 Saks Fifth Avenue stores and three Neiman Marcus locations earlier in the restructuring process.
The debt reduction to approximately $1.2 billion, along with $500 million in additional financing, gives the newly named company what leadership describes as a solid foundation for growth. CEO Geoffroy van Raemdonck, who took over during the bankruptcy, said the company is now positioned to focus on luxury retail and customer service.
“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. As the gateway to the U.S. luxury customer, we are uniting coveted brands with unrivaled customer experiences to drive growth for Exemplar Luxury Group and the broader luxury ecosystem.”
Geoffroy van Raemdonck, Chief Executive Officer, Exemplar Luxury Group
The restructuring required the company to end a partnership with Amazon to sell its products on the e-commerce platform, following pushback from luxury brands about appearing on a mass-market site. Saks Global had filed for bankruptcy in January after missing a $100 million interest payment and facing mounting vendor debt, including over $337 million owed to suppliers like Chanel and Kering, owner of Gucci.
The board of the newly rebranded Exemplar Luxury Group includes representatives from investment firms Pentwater Capital Management and Bracebridge Capital, which partnered with the company during restructuring. Van Raemdonck and two independent directors—Dave Kimbell, former CEO of Ulta Beauty, and Philippe Schaus, former Global CEO of Moët Hennessy—round out the seven-person board.
Sources
- PR Newswire — Official press release from Saks Global on emergence from bankruptcy with 75% debt reduction and rebranding as Exemplar Luxury Group
- Fox Business — Details on store closures, CEO statement, and restructuring outcomes
- ABC News — Confirmation of 75% debt reduction and $500 million financing
- Reuters — Bankruptcy exit timeline and store count reduction
