Saks Global rebrands as it emerges from Chapter 11 bankruptcy
Saks Global has announced that it has emerged from Chapter 11 bankruptcy following its corporate restructuring.
Announcing the news in a statement on June 26, the company also revealed that it has renamed itself ‘Exemplar Luxury Group’ (ELG), covering its Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman brands.
Apparently the company has reduced its debt burden by 75%, established solid liquidity, and secured the full backing of its capital partners.
The board of directors has also been overhauled as part of the changes, with investment firms Pentwater Capital Management and Bracebridge Capital taking two seats each, and the remaining independent seats going to former CEO of Ulta Beauty, Dave Kimbell, and former global CEO of Moët Hennessy, Philippe Schaus.
“Moving forward as Exemplar Luxury Group reflects the shared ideals that anchor each of our banners and our commitment to setting the standard of excellence for luxury retail across all three,” said ELG CEO Geoffroy van Raemdonck.
“As the gateway to the US luxury customer, we are uniting coveted brands with unrivalled customer experiences to drive growth for Exemplar Luxury Group and the broader luxury ecosystem. We are deeply grateful to our customers, brand partners, capital partners and colleagues, whose loyalty and support have made this possible.”
He continued: “We greatly appreciate the commitment of our new owners, who understand the value of our banners and the growth opportunity for Exemplar Luxury Group. It is a new day for ELG and we are focused on executing our business plan with discipline and investing in the experiences that matter most to our customers. Neiman Marcus, Saks Fifth Avenue and Bergdorf Goodman have long set the standard for luxury retail in the US, and we are committed to building upon that legacy.”
