Saks Global Emerges From Bankruptcy as Exemplar Luxury Group
The company says it is coming out of the process with a 75% debt reduction and sufficient liquidity
- Saks Global is emerging from chapter 11 bankruptcy and rebranding itself as Exemplar Luxury Group.
- The company achieved a 75% debt reduction and sufficient liquidity through its restructuring process.
- Exemplar Luxury Group plans to focus on its retail model and curating products for high-income consumers.
Saks Global is emerging from Chapter 11 bankruptcy and rebranding itself as Exemplar Luxury Group.
The company said it is coming out of the process with a 75% debt reduction and sufficient liquidity. It has been partnering with Pentwater Capital Management and Bracebridge Capital throughout its restructuring process.
Both firms will have two representatives on a newly reconstituted seven-person board, the company said. They will be joined by Chief Executive Geoffroy van Raemdonck, as well as former Ulta Beauty CEO Dave Kimbell and former Moët Hennessy and DFS Group CEO Philippe Schaus.
The company filed for bankruptcy in January amid mounting debts, just around a year after its $2.7 billion merger with Neiman Marcus. Van Raemdonck, who oversaw Neiman Marcus’s own bankruptcy process, was brought in as CEO to lead a restructuring.
As CEO, van Raemdonck closed stores, cut staff, and severed some partnerships, The Wall Street Journal reported. The company said in April that it had secured $500 million from bondholders to support its restructuring.
Van Raemdonck said the rebranding reflects the company’s commitment to its three main retailers: Neiman Marcus, Saks Fifth Avenue, and Bergdorf Goodman.
“We greatly appreciate the commitment of our new owners, who understand the value of our banners and the growth opportunity for Exemplar Luxury Group,” he said. “Neiman Marcus, Saks Fifth Avenue and Bergdorf Goodman have long set the standard for luxury retail in the U.S., and we are committed to building upon that legacy.”
The company said it plans to focus on leveraging its retail model and curating product portfolios and experiences to meet the needs of high-income consumers.