Saks Global officially exited bankruptcy on June 26 and subsequently changed its name to Exemplar Luxury Group (ELG). 

The parent of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman said it “exits bankruptcy proceedings with a substantially strengthened balance sheet, including a nearly 75 percent debt reduction, sufficient liquidity and the full backing of its capital partners and other key stakeholders.” 

“This pivotal moment reinforces the enduring strength of our business, our luxury banners and our team as we look ahead to a bright future guided by our relentless devotion to our customers,” said Geoffroy van Raemdonck, chief executive officer, Exemplar Luxury Group. “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. As the gateway to the U.S. luxury customer, we are uniting coveted brands with unrivaled 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.” 

The company will emerge with 49 luxury retail locations, including 33 Neiman Marcus stores, 15 Saks Fifth Avenue stores, two Bergdorf Goodman stores, and 12 Saks Off Fifth stores. Prior to filing, Saks Global’s store count included 33 Saks Fifth Avenue, 35 Neiman Marcus, two Bergdorf Goodman, and 69 Off-Fifth. 

In conjunction with the company’s emergence, its Board of Directors has been newly reconstituted. Pentwater Capital Management and Bracebridge Capital, the investment firms that have partnered with the company throughout the restructuring process, will each have two representatives on the seven-person board. In addition, van Raemdonck and the following two independent directors have been named: 

  • Dave Kimbell, who previously served as CEO of Ulta Beauty. He has also held leadership positions at PepsiCo and The Procter & Gamble Company, and currently serves on the Board of Best Buy, Inc. 
  • Philippe Schaus, who most recently served as President and Global CEO of Moët Hennessy after his role as the Global Chairman and CEO of DFS Group, while being a Member of the Executive Committee of LVMH for over 12 years. 

Advisors, Willkie Farr & Gallagher LLP and Haynes and Boone, LLP served as legal counsel, PJT Partners served as investment banker, Berkeley Research Group served as financial advisor and C Street Advisory Group served as strategic communications advisor to the Company. 

Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel, Lazard Frères & Co, LLC served as investment banker, FTI Consulting, Inc. served as financial advisor and Kekst CNC served as strategic communications advisor to the ad hoc group of the Company’s senior secured bondholders. 

Image courtesy Exemplar Luxury Group