Saks Global Rebrands as Exemplar Luxury Group After Bankruptcy Exit
Saks Global emerged from bankruptcy, shedding most of its debt and closing dozens of stores, and will now operate under the name Exemplar Luxury Group.
Saks Global announced on Friday that it will continue operations under the new name Exemplar Luxury Group (ELG) after completing its bankruptcy restructuring. The rebranding follows a reduction of its debt by about 75 percent and the closure of 62 off-price locations, leaving the company with 49 stores, including a reduced number of Saks Fifth Avenue and Neiman Marcus sites.
"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," CEO Geoffroy van Raemdonck said.
"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," he added.
The restructuring also eliminated the company's equity and ended its partnership with Amazon for online sales. ELG's new board will include two representatives each from investment firms Pentwater Capital Management and Bracebridge Capital, which participated in the turnaround financing. The company had entered bankruptcy in January with $3.4 billion in debt, including significant obligations to luxury suppliers such as Chanel and Kering.