Saks exits bankruptcy, reemerges as Exemplar Luxury Group

Saks Global has emerged from Chapter 11 bankruptcy and is now known as the Exemplar Luxury Group. The new company unites three of the most storied names in high-end fashion: Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman. The New York-based luxury retailer says it has reduced its debt by 75% and is betting its future on a highly disciplined business plan aimed at its core clientele, affluent women. The company is now controlled by Pentwater Capital Management and Bracebridge Capital. “Moving forward as Exemplar Luxury Group reflects the shared ideas that anchor each of our banners and our commitment to setting the standard of excellence for luxury retail across all three,” CEO Geoffroy van Raemdonck says.