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Saks officially emerges from Chapter 11 bankruptcy with less debt and a new name
Times Leader • • business
Key Points:
- Saks Global, parent of Neiman Marcus, Saks Fifth Avenue, and Bergdorf Goodman, has emerged from Chapter 11 bankruptcy with a new name, Exemplar Luxury Group, fewer stores, and significantly reduced debt.
- The company achieved nearly a 75% reduction in debt and secured $500 million in additional financing, positioning itself for a focused strategy on delivering a premium shopping experience to affluent customers.
- Exemplar Luxury Group now operates 49 stores, including 15 Saks Fifth Avenue, 33 Neiman Marcus, and one Bergdorf Goodman, having closed most of its Saks Off 5th discount outlets, which now number 12.
- The restructuring involved partnerships with Pentwater Capital Management and Bracebridge Capital, both of which will have representation on the company’s seven-person board alongside CEO Geoffroy van Raemdonck and other industry leaders.
- CEO van Raemdonck emphasized the company’s commitment to exemplary customer service and personalized shopping, leveraging data and a highly productive sales associate team to drive future growth.
