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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.
Bed Bath & Beyond to acquire real estate platform for $53M
Bed Bath & Beyond has entered into a definitive agreement to acquire Fathom Holdings Inc., a national technology-driven real estate services platform integrating residential brokerage, mortgage, title, and SaaS offerings, in an all-stock transaction valuing Fathom at approximately $53.38 million. The acquisition accelerates Bed Bath & Beyond's vision to create the nation's first end-to-end homeownership platform by uniting Homeownership Transactions, Omnichannel Commerce and Home Services into a single homeowner ecosystem. Fathom's brands include Fathom Realty, the No. 17 U.S. brokerage by sales volume in 2025 with more than $15.7 billion in transaction volume, along with Encompass Lending, Verus Title, intelliAgent and Real Results. The combined platform is expected to provide Fathom with immediate access to millions of Bed Bath & Beyond customers at key moments in the homeownership journey, creating a seamless connection between home buying, financing, and furnishing, with the transaction expected to close in the second half of 2026.