Saks Global has emerged from Chapter 11 bankruptcy under new ownership and rebranded as Exemplar Luxury Group (ELG).
The company – which owns Neiman Marcus, Saks Fifth Avenue and Bergdorf Goodman – said it exits the process with nearly 75 per cent less debt, improved liquidity and the backing of its capital partners.
ELG said it is focused on driving long-term profitable growth while strengthening its position in the US luxury retail market.
As part of the restructuring, the company has appointed a new seven-member board. Investment firms Pentwater Capital Management and Bracebridge Capital, which supported the process, will each appoint two directors.
The board also includes CEO Geoffroy van Raemdonck and two independent directors: former Ulta Beauty CEO Dave Kimbell and former Moët Hennessy president and CEO Philippe Schaus.
Looking ahead, ELG said it plans to use customer insights to curate assortments and deliver more personalized shopping experiences across its portfolio of luxury brands.
“It is a new day for ELG, and we are focused on executing our business plan with discipline and investing in the experiences that matter most to our customers,” van Raemdonck said.
“Neiman Marcus, Saks Fifth Avenue, and Bergdorf Goodman have long set the standard for luxury retail in the US, and we are committed to building on that legacy.”
