Saks Global Exits Chapter 11, Rebrands as Exemplar Luxury Group with 49 Stores

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6.27.2026

Quick Facts

Saks Global emerged from Chapter 11 bankruptcy on June 26, 2026, rebranding its corporate parent as Exemplar Luxury Group.
The company cut its debt by nearly 75% and secured $500 million in new financing, reducing its store count from roughly 139 to 49 full-price and outlet locations.
Saks Off 5TH closed 57 stores and will operate its remaining 12 locations solely as a liquidation channel with no new buying.

Saks Global officially exited Chapter 11 bankruptcy on Friday, June 26, 2026, and immediately rebranded its corporate identity to Exemplar Luxury Group. The consumer-facing banners, Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, remain unchanged.

The restructuring cut the company’s debt by nearly 75% and added $500 million in post-emergence financing. DIP lenders took majority ownership of the reorganized company as part of the confirmed plan.

The bankruptcy filing in January 2026 traced directly to the $2.7 billion acquisition of Neiman Marcus Group, financed largely with $2.2 billion in junk bonds. After funding the deal, Saks could not pay vendors. Unpaid vendors pulled back inventory. Thin shelves drove customers away, triggering a cash spiral that made insolvency unavoidable.

“This created inventory gaps which then drove customers away and caused revenue and cash generation to plummet,” wrote Neil Saunders, managing director of GlobalData, during the proceedings.

The store count reflects a sharp contraction. Before bankruptcy, the company operated 33 Saks Fifth Avenue stores, 36 Neiman Marcus locations, one Bergdorf Goodman, and roughly 70 Saks Off 5TH discount stores. Exemplar now operates 15 Saks Fifth Avenue stores, 33 Neiman Marcus stores, one Bergdorf Goodman, and 12 Off 5TH outlets. No new merchandise will flow into Off 5TH.

CEO Geoffroy van Raemdonck framed the rebrand as a commitment to vendors and customers alike. “My goal is to be a key and better partner, one that is transparent, one that is reliable,” he said. On vendor payments, he added that every brand has agreed payment terms and the company is paying on time.

Van Raemdonck said the three-banner structure creates cost efficiencies, particularly in technology and talent investment. Combined annual purchasing power across the three banners will exceed $3 billion at cost.

A new seven-person board was formed upon emergence. Pentwater Capital Management and Bracebridge Capital, the investment firms that backed the restructuring, each hold two board seats. Van Raemdonck joins former Ulta Beauty CEO Dave Kimbell and Philippe Schaus, most recently global CEO of Moet Hennessy and a former LVMH executive committee member, as independent directors.

The $1 billion DIP facility funded operations during the Chapter 11 period. The additional $500 million became available upon emergence, giving Exemplar Luxury Group operating capital it did not have entering bankruptcy.

The company faces a credibility rebuild with luxury brands that went unpaid and a customer base that competitors like Bloomingdale’s captured during the inventory shortfall. Van Raemdonck acknowledged that directly. “We no longer operate in bankruptcy, no longer with court supervision, and we have all the financial strength that allows us to dream, and most importantly, execute what our plan is,” he said.