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Neiman Marcus' parent company emerges from bankruptcy with new name

The downtown Dallas flagship Neiman Marcus is still slated to close September 30.

Neiman Marcus

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.

luxury bankruptcy neiman marcus shopping

Spa time

Spa Castle Texas to reopen with major wellness upgrades in Carrollton

Photo courtesy of Spa Castle

Indoor Bath Area hot tub at Spa Castle Texas.

Spa-goers, exhale: Spa Castle Texas is ready to unveil a refreshed look and new features, following a major renovation aimed at expanding its signature hydrotherapy and Korean-style wellness offerings.

According to a release, the Carrollton wellness destination will celebrate its grand opening on Saturday, July 4 at 9 am, introducing upgraded saunas, new spa experiences, and expanded programming as part of a broader long-term vision to evolve into a full-scale wellness and hospitality hub in North Texas. (More details on the grand opening festivities are TBA, they say.)

“The transformation reflects growing consumer demand for immersive wellness experiences,” the owners say in a release.

The overhaul marks the first phase of that plan, with additional upgrades - including hotel enhancements and expanded event space - slated for a future phase. For now, guests will find new and refreshed amenities designed around traditional Korean jjimjilbang culture and global hydrotherapy techniques.

One of the saunas at Spa Castle.Photo courtesy of Spa Castle Texas

Per the release, highlights of the renovation include:

Elevated Hydrotherapy & Sauna Experience: All pools and saunas have been custom-designed in-house using specialized equipment imported from Korea, Japan, Germany, and other countries renowned for their wellness traditions. Spa Castle has upgraded its sauna systems with new heaters that deliver higher temperatures and improved performance.

Reimagined Himalayan Salt Sauna: The newly introduced Himalayan Salt Sauna features authentic salt blocks sourced from Pakistan and a dramatic French stretch ceiling. Inspired by Spa Castle's sister property, Balian Springs, the space will host specialty programming, including hot yoga and guided wellness experiences.

New River Rock Foot Bath: Guests can now enjoy a therapeutic soaking experience in the new River Rock Foot Bath, featuring a natural stone pathway designed to provide an acupressure-style foot massage.

Expanded Wellness Programming: Spa Castle will partner with local wellness practitioners and businesses to offer monthly activations including yoga, Pilates, meditation, sound healing, and other holistic wellness experiences.

New Korean Beauty Experiences: The day spa will soon launch Savor's signature Korean Glass Facial, along with a curated collection of Korean skincare products. These offerings will serve as the foundation for Spa Castle's future K-Beauty Lab concept.

Looking ahead, they say, Phase II will focus on upgrades to the on-site boutique hotel and the property’s 8,000-square-foot banquet and event space, positioning Spa Castle as a regional destination for weddings, corporate retreats, and large-scale gatherings.

Spa Castle Texas is at 1020 Raiford Rd, Carrollton. For pricing information (including grand-opening specials) and to purchase admission, visit the website.