Saks Global Exits Bankruptcy, Cuts Debt 75% and Renames Itself Exemplar Luxury Group
Updated
Updated · The New York Times · Jun 26
Saks Global Exits Bankruptcy, Cuts Debt 75% and Renames Itself Exemplar Luxury Group
3 articles · Updated · The New York Times · Jun 26
Summary
Five months after filing in January, Saks Global formally emerged from bankruptcy on Friday and said it now has enough liquidity to operate and reinvest.
A 75% debt reduction and $500 million in new financing underpinned the exit, after the parent of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman closed dozens of stores and cut jobs.
Exiting court protection also brings a strategic reset: the company renamed itself Exemplar Luxury Group and said it will focus on high-end shopping and white-glove service.
Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman will keep their existing names and logos as the group tries to preserve its luxury department-store empire and stage a comeback.