Saks Global comes out of bankruptcy with new name, fewer stores

The parent company for Neiman Marcus, Saks Fifth Avenue, and Bergdorf Goodman stores emerged from bankruptcy this week with a lot less debt, a lot fewer stores, and a whole new name. 

Big picture view:

The company formerly known as Saks Global will begin its next chapter with a more focused strategy that targets upscale shoppers. The new name, Exemplar Luxury Group, reflects the new aim to provide an exemplary shopping experience, CEO Geoffroy van Raemdonck said.

What they're saying:

"Today is really a brand new day for the organization and a new day where these three iconic banners have the right funding, the right equity and a bright future ahead of them," van Raemdonck told The Associated Press on Friday during a phone interview.

The backstory:

Saks Global entered Chapter 11 bankruptcy in January 2026 as the company faced rising competition and a large debt burden caused by the acquisition of Neiman Marcus a year and a half earlier. Nearly three-quarters of that debt has been reduced and it has $500 million in extra financing.

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By the numbers:

Additionally, the company now has fewer than half as many total stores as it had prior to the bankruptcy. At one point, there were 33 Saks stores, another 36 Neiman Marcus stores, the Bergdorf Goodman store on Fifth Avenue and around 70 Saks Off Fifth discount stores. Now, just 15 Saks Fifth Avenue stores remain, along with 33 Neiman Marcus stores, and the Bergdorf Goodman store. Most Saks Off Fifth stores are gone, as well, with only a dozen remaining, the company said. 

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