BUSINESSWTOP DC
Saks officially emerges from Chapter 11 bankruptcy with less debt and a new name
Saks Global, parent company of Neiman Marcus, Saks Fifth Avenue, and Bergdorf Goodman, emerged from Chapter 11 bankruptcy with a new name, Exemplar Luxury Group, a 75% debt reduction, and $500 million in financing. The company reduced its store count, shuttering most Saks Off Fifth discount stores, and announced a strategy focused on luxury shopping experiences.
Mentioned
Exemplar Luxury GrouporganizationSaks GlobalorganizationGeoffroy van RaemdonckpersonNeiman MarcusorganizationSaks Fifth AvenueorganizationBergdorf GoodmanorganizationChapter 11 bankruptcytopicPentwater Capital ManagementorganizationBracebridge CapitalorganizationDave KimbellpersonPhilippe Schausperson
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