Saks Global, the parent company of Neiman Marcus, Saks Fifth Avenue, and Bergdorf Goodman, has officially emerged from Chapter 11 bankruptcy with a new name: Exemplar Luxury Group. The company has reduced its debt by nearly 75% and secured $500 million in extra financing.

Restructuring and New Strategy

Exemplar Luxury Group’s CEO, Geoffroy van Raemdonck, stated that the company is focused on providing an exemplary shopping experience, with the best merchandise and personalized service. The company has also shuttered most of its Saks Off Fifth discount stores, leaving 49 stores in total, including 15 Saks Fifth Avenue stores, 33 Neiman Marcus stores, and its Bergdorf Goodman store.

Exemplar Luxury Group has been working with Pentwater Capital Management and Bracebridge Capital throughout its restructuring process. Both firms will have representatives on the company’s board, along with van Raemdonck, former Ulta Beauty CEO Dave Kimbell, and Philippe Schaus, the former Global CEO of Moët Hennessy.

Original reporting: KTBS 3 (Shreveport) — read the source article.