Exemplar Luxury Group (ELG), formerly Saks Global, has emerged from Chapter 11 bankruptcy under new ownership after completing a restructuring that reduces its debt by nearly 75 per cent and strengthens its balance sheet.

The company—which includes Neiman Marcus, Saks Fifth Avenue, and Bergdorf Goodman—said it now has sufficient liquidity and backing from capital partners to support long-term growth and operations across its luxury retail portfolio.

Chief executive officer Geoffroy van Raemdonck said the restructuring marks a reset for the business, adding, “Moving forward as Exemplar Luxury Group reflects the shared ideals that anchor each of our banners and our commitment to setting the standard of excellence for luxury retail across all three. As the gateway to the U.S. luxury customer, we are uniting coveted brands with unrivaled customer experiences to drive growth for Exemplar Luxury Group and the broader luxury ecosystem.”

ELG said it plans to focus on curated assortments, expanded customer data use, and personalized retail experiences across stores, e-commerce, and remote selling channels as it works to stabilize and grow its operations.

The company also confirmed a reconstituted board, including representatives from Pentwater Capital Management and Bracebridge Capital, alongside new independent directors with experience in beauty, retail, and luxury conglomerates.

Advisers involved in the restructuring included Willkie Farr & Gallagher, PJT Partners, and Berkeley Research Group on ELG’s side, with Lazard and FTI Consulting advising creditor groups.

ELG said its focus now shifts to execution of its business plan and positioning its retail banners as a consolidated luxury gateway in the U.S. market.