Saks Global Rebrands as Exemplar Luxury Group After Emerging From Bankruptcy

Saks Global, the holding company for Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, formally emerged from bankruptcy on Friday after restructuring its debt, closing dozens of stores and reducing staff. The reorganization shifts the business toward a pure luxury-department-store model, abandoning previous strategies that emphasized discount outlets and leveraged real-estate assets for financing.

The company announced a corporate name change to Exemplar Luxury Group, reflecting its renewed emphasis on upscale shopping and personalized service. Chief executive Geoffroy van Raemdonck said the new name marks a fresh start following five months of bankruptcy proceedings.

“It’s going to reimagine what the luxury experience is,” van Raemdonck told reporters at Bergdorf Goodman’s Manhattan headquarters. “We’re very realistic that you need to walk before you can run, so there’s different phases.”