NEW YORK (AP) — Saks Global, the parent company of Neiman Marcus, Saks Fifth Avenue, and Bergdorf Goodman, officially emerged from Chapter 11 bankruptcy with fewer stores, less debt, a more focused strategy to pamper the affluent — and a new name.

The company said Friday, June 26 that the new entity will be called Exemplar Luxury Group, and with an improved balance sheet, including a nearly 75% debt reduction and $500 million in extra financing. Its CEO, Geoffroy van Raemdonck, said the New York-based company is ready for its next chapter after navigating several tumultuous 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 told The Associated Press.

Van Raemdonck said that the new name signifies the company's focus on having an exemplary shopping experience — the best merchandise, and better personalized service with customers, with help from its sales associates and the treasure trove of data it has on its customers. The company employs more than 1,500 sales associates who have sold more than $1 million of goods each, he said.

Saks Global had filed for bankruptcy protection in January of this year, buffeted by rising competition and the massive debt it took on to buy its rival in the luxury sector, Neiman Marcus, in July 2024.

Before the bankruptcy, there were 33 Saks stores and 36 Neiman Marcus locations, according to the company, as well as its Bergdorf Goodman store on Fifth Avenue and roughly 70 Saks Off 5th discount stores.

Now, there are a total of 49 stores — 15 Saks Fifth Avenue stores, 33 Neiman Marcus stores and its Bergdorf Goodman store. The company shuttered most of its Saks Off Fifth discount stores, and it now has 12 outlets, the company said.

In early June, Saks Global announced that the iconic downtown Dallas location of Neiman Marcus, at 1618 Main St., will close for good. The company said it plans to close the store on September 30, 2026 and focus on its NorthPark Center location in Dallas.

Saks Global also has sold the Neiman Marcus store at the Willow Bend mall in Plano and will close it in January 2027.

Exemplar Luxury Group said it has been teaming up with Pentwater Capital Management and Bracebridge Capital throughout its restructuring process. Both firms will have two representatives on the seven-person board. In addition, van Raemdonck as well as former Ulta Beauty CEO Dave Kimbell and Philippe Schaus, who most recently served as Global CEO of Moët Hennessy, will serve on the board, the company said.

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The story contains material from previously published CultureMap stories.