Saks Global Cuts 75% of Debt, Rebrands as Exemplar Luxury Group After Bankruptcy
Updated
Updated · Fox Business · Jun 29
Saks Global Cuts 75% of Debt, Rebrands as Exemplar Luxury Group After Bankruptcy
3 articles · Updated · Fox Business · Jun 29
Summary
Exemplar Luxury Group emerged from bankruptcy on June 26 after wiping out 75% of its prior debt, ending a five-month restructuring for the parent of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman.
49 stores remain after the company shut 62 off-price locations, including 57 Saks OFF 5th stores and all five Neiman Marcus Last Call sites; it also closed 12 Saks Fifth Avenue and three Neiman Marcus stores in March.
The overhaul followed weak sales and a debt load that swelled after Saks' $2.7 billion Neiman Marcus merger in 2024, as slowing global luxury demand complicated the turnaround.
January's bankruptcy filing listed $3.4 billion in debt, including more than $337 million owed to key suppliers such as Chanel and Gucci owner Kering; a $1 billion bankruptcy loan was approved in February.
The rebranded group also ended its Amazon sales partnership during restructuring after luxury brands objected to a mass-market platform, and its new board will include two directors each from Pentwater and Bracebridge.