The restructuring allowed the company to reduce its debt burden by nearly 75% and raise $500 million in new financing.
“Today marks the beginning of a new phase for the company. Our brands have the necessary financing, sufficient capital, and a bright future,” CEO Joffroy van Remdonk told the press.
Saks Global filed for bankruptcy in January 2026. One of the main reasons was the high debt burden following the acquisition of Neiman Marcus in the summer of 2024, as well as intensified competition in the luxury goods market.
The company also significantly reduced its retail network. Prior to the bankruptcy, it operated 33 Saks Fifth Avenue stores, 36 Neiman Marcus stores, the Bergdorf Goodman flagship on Fifth Avenue in New York, and approximately 70 Saks Off 5th discount stores. Following the restructuring, the chain now consists of 49 department stores: 15 Saks Fifth Avenue stores, 33 Neiman Marcus stores, and Bergdorf Goodman. The number of Saks Off 5th outlets has been reduced from approximately 70 to 12.
According to van Remdonk, Exemplar Luxury Group intends to focus on serving affluent customers, expanding personalized service, and developing relationships with loyal customers. The company notes that it employs more than 1,500 sales consultants, each of whom has generated more than $1 million in sales during their tenure.
During the restructuring, Saks Global partnered with the investment funds Pentwater Capital Management and Bracebridge Capital, whose representatives joined the new board of directors. The board also includes former Ulta Beauty CEO Dave Kimball, former Moët Hennessy CEO Philippe Cho, and the company’s CEO, Joffroy van Remdonk.
