Saks Global exits bankruptcy; changes name, slashes debt

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Saks Global exits bankruptcy; changes name, slashes debt
 
Published Friday, July 10, 2026 11:00 am
by Marianne Wilson

This is a summary

"Saks Global has emerged from Chapter 11 bankruptcy protection with a new corporate name, new owners, less debt and a greatly reduced store footprint.

The parent company of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, has rebranded itself as Exemplar Luxury Group in a nod to its high-end luxury positioning. The company has reduced its debt by nearly 75% and added $500 million in new exit financing, and said it has “sufficient liquidity” to drive long-term profitable growth.

“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," said CEO Geoffroy van Raemdonck. "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 across all three.”

The company is now under new ownership led by its key restructuring partners — investment firms Pentwater Capital Management and Bracebridge Capital — who will each have two representatives on the seven-person board. "

Read the original on Chain Store Age

Saks Global exits bankruptcy; changes name, slashes debt | Chain Store Age

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Saks Global exits bankruptcy; changes name, slashes debt | Chain Store Age

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Saks Global exits bankruptcy; changes name, slashes debt

Saks Global emerged from Chapter 11 bankruptcy protection on June 26, 2026, after nearly five months of restructuring and rebranded itself as Exemplar Luxury Group to signal a fresh start and renewed commitment to luxury retail excellence. The company achieved a nearly 75% debt reduction through the bankruptcy process while securing $500 million in new exit financing, with sufficient liquidity to drive long-term profitable growth. The restructured company reduced its store footprint from approximately 115 locations to just 49 stores, closing 62 off-price locations including 57 Saks OFF 5th stores and all five Neiman Marcus Last Call outlets. The new entity operates three flagship banners—Saks Fifth Avenue with 15 stores, Neiman Marcus with 33 locations, and Bergdorf Goodman—and is led by CEO Geoffroy van Raemdonck with a reconstituted board including representatives from investment firms Pentwater Capital Management and Bracebridge Capital.

The running list of major retail bankruptcies

Saks Global filed for Chapter 11 bankruptcy protection on January 14, 2026, about a year after completing its merger with Neiman Marcus, with the filing widely anticipated as the luxury conglomerate struggled financially and vendor relationships deteriorated due to past-due invoices. Eddie Bauer LLC filed for Chapter 11 bankruptcy on February 9, 2026, marking the end of the brand's brick-and-mortar presence with 175 locations set to close. Pat McGrath Cosmetics filed for Chapter 11 bankruptcy protection on January 22, 2026, following a lengthy private dispute between McGrath and a lender. Francesca's filed for Chapter 11 bankruptcy protection for the second time in less than a decade on February 5, 2026. Other retailers identified as high-risk for 2026 include Wayfair, ASOS, AMC Theatres, Walgreens, QVC Group, and J. Crew Group, with smaller companies facing disproportionate challenges compared to larger retailers during volatile economic times.

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