NEW YORK (AP) — The luxury retail conglomerate that owns Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman has officially come out of Chapter 11 bankruptcy, emerging Friday with a slimmer store count, a dramatically reduced debt load, and a brand-new corporate identity.
The company announced Friday that it will now operate under the name Exemplar Luxury Group. Along with the new name comes a healthier financial picture — including a debt reduction of nearly 75% and an additional $500 million in fresh financing. CEO Geoffroy van Raemdonck said the New York-based company is poised to move forward after weathering several difficult years.
“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 said in a phone interview with The Associated Press on Friday.
Van Raemdonck explained that the Exemplar name reflects the company’s commitment to delivering an outstanding shopping experience — featuring top-tier merchandise and more personalized attention for shoppers, supported by its sales staff and an extensive database of customer information. He noted that the company has more than 1,500 sales associates who have each sold over $1 million worth of merchandise.
The company had sought bankruptcy protection back in January of this year, weighed down by growing competition and the heavy debt load it took on when it acquired rival luxury brand Neiman Marcus in July 2024.
Prior to the bankruptcy filing, the company operated 33 Saks Fifth Avenue stores and 36 Neiman Marcus locations, along with the flagship Bergdorf Goodman store on Fifth Avenue and approximately 70 Saks Off 5th discount outlets.
The restructured company now runs a total of 49 stores — 15 Saks Fifth Avenue locations, 33 Neiman Marcus stores, and the single Bergdorf Goodman location. Most of the Saks Off 5th discount stores have been closed, with only 12 outlet locations remaining.
