Saks Global exits Chapter 11 as Exemplar Luxury Group after closing most off-price stores and cutting debt by 75 percent

Saks Global emerged from Chapter 11 bankruptcy on Friday after nearly five months under court protection. The company will operate under the name Exemplar Luxury Group and reduced its debt by nearly 75 percent from the $3.4 billion level recorded at filing. The retailer closed most off-price locations during the restructuring, leaving a smaller footprint centered on high-end department stores.

Exemplar Luxury Group’s new board includes two representatives each from Pentwater Capital Management and Bracebridge Capital. Saks filed for protection in January after more than a year of weak sales, mounting debt and defaults on vendor payments. New York Post reported that a December 2024 merger with Neiman Marcus orchestrated by real estate investor Richard Baker produced cash shortfalls, inventory problems at Saks stores and strained ties with vendors including Chanel, LVMH and Kering.