Key takeaways:
- Saks Global exited Chapter 11 on June 26 and rebranded as Exemplar Luxury Group.
The reorganized company operates 49 full line stores across Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman.
- Pentwater Capital Management and Bracebridge Capital each hold two board seats under the new ownership structure.
Saks Global has emerged from Chapter 11 bankruptcy and rebranded as Exemplar Luxury Group, the company announced Friday, completing a five month restructuring that cut its debt by nearly 75% and handed majority ownership to its lenders.
A bankruptcy court approved the company’s reorganization plan on June 5, and the plan took effect on June 26. Under the plan, the lenders who provided the company’s bankruptcy financing gave up that debt in exchange for ownership of the reorganized company, becoming its new controlling shareholders.
ELG comprises Neiman Marcus, Saks Fifth Avenue and Bergdorf Goodman.
“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, CEO, Exemplar Luxury Group, in a statement. “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.”
A Leaner Operating Footprint
ELG emerges from bankruptcy with a meaningfully smaller store count than before the case began. According to the company, as reported by the Associated Press, the reorganized company operates 49 full line stores, including 15 Saks Fifth Avenue locations, 33 Neiman Marcus locations and its Bergdorf Goodman store. That is down from 33 Saks Fifth Avenue stores and 36 Neiman Marcus locations before the bankruptcy, according to the company.
Saks OFF 5TH was scaled back sharply. The company closed the majority of its roughly 70 OFF 5TH discount stores and now operates 12 outlets, the company told the AP. Its e-commerce business, SaksOFF5TH.com, wound down entirely during the case. Last Call’s remaining clearance locations also closed. The Horchow e-commerce platform was retired in February, with shoppers redirected to a home goods category on NeimanMarcus.com.
New Leadership Team Named in Plan Documents
Court filings confirm the reorganized company’s top leadership.
Geoffroy van Raemdonck continues as Chief Executive Officer. He has led the company since January 2026 and previously served as Chief Executive Officer of Neiman Marcus Group from 2018 until its acquisition by Saks Global in 2024. Earlier in his career, he held leadership roles at Louis Vuitton, Ralph Lauren and St. John Knits.
Brandy Richardson continues as Chief Financial Officer, a role she has held since August 2025. She spent 15 years in finance leadership roles at Neiman Marcus Group before later serving as Chief Financial Officer of Tailored Brands.
Darcy Penick continues as President and Chief Commercial Officer, and Lana Todorovich continues as Chief of Global Brand Partnerships.
New Board, New Ownership
ELG’s board has been reconstituted as a seven member body that includes two independent directors, four representatives from the company’s new investment firm owners, and van Raemdonck as CEO.
The independent directors are Dave Kimbell, former Chief Executive Officer of Ulta Beauty, and Philippe Schaus, former President and Global Chief Executive Officer of Moët Hennessy.
Pentwater Capital Management and Bracebridge Capital, the two investment firms that now control the company, each appointed two directors. Pentwater’s representatives are Barrett Eynon, Head of Credit at Pentwater Capital Management, and Kevin Economos, who joined the firm in 2014. Bracebridge’s representatives are Tom Cubeta, Managing Director and Head of Leveraged Finance Research at the firm, and Elliott Horner, a Director at Bracebridge who also serves on the board of Heritage Power.
Exit Financing
Court filings detail the financing package supporting the company’s emergence. A $1.5 billion exit asset based revolving credit facility was entered into with Bank of America as administrative agent, and a separate $500 million exit term loan was entered into with U.S. Bank Trust Company as administrative agent. Both are dated June 26, the plan’s effective date.
Unsecured Creditors Routed to a Litigation Trust
General unsecured creditors will not get a fixed payout under the plan. Instead, their claims were moved into a litigation trust, which will pursue legal claims on their behalf and pay out whatever it recovers. There is no guaranteed amount or percentage for these creditors. How much they ultimately receive depends entirely on the outcome of that litigation.
