Saks officially emerges from Chapter 11 bankruptcy with less debt and a new name

NEW YORK (AP) — Saks Global, the parent company of Neiman Marcus, Saks Fifth Avenue and Bergdorf Goodman, officially emerged from Chapter 11 bankruptcy Friday with fewer stores, less debt, a more focused strategy to pamper the affluent — and a new name.

The company said Friday that the new entity will be called Exemplar Luxury Group, and with an improved balance sheet, including a nearly 75% debt reduction and $500 million in extra financing. Its CEO, Geoffroy van Raemdonck, said the New York-based company is ready for its next chapter after navigating several tumultuous years.

“Today is really a brand new day for the organization and a new day where these three iconic banners have the right funding, the right equity and a bright future ahead of them,” Van Raemdonck told The Associated Press on Friday during a phone interview.

Van Raemdonck said that the new name signifies the company’s focus on having an exemplary shopping experience for customers — the best merchandise, and better personalized service with customers, with help from its sales associates and the treasure trove of data it has on its customers. The company employs more than 1,500 sales associates who have sold more than $1 million of goods each, he said.

Saks Global had filed for bankruptcy protection in January of this year, buffeted by rising competition and the massive debt it took on to buy its rival in the luxury sector, Neiman Marcus, in July 2024.

Before the bankruptcy, there were 33 Saks stores and 36 Neiman Marcus locations, according to the company, as well as its Bergdorf Goodman store on Fifth Avenue and roughly 70 Saks Off 5th discount stores.

Now, there are a total of 49 stores — 15 Saks Fifth Avenue stores, 33 Neiman Marcus stores and its Bergdorf Goodman store. The company shuttered most of its Saks Off Fifth discount stores, and it now has 12 outlets, the company said.

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