NEW YORK (AP) — Saks International, the mother or father firm of Neiman Marcus, Saks Fifth Avenue and Bergdorf Goodman, formally emerged from Chapter 11 bankruptcy Friday with fewer shops, much less debt, a extra centered technique to pamper the prosperous — and a brand new identify.
The corporate mentioned Friday that the brand new entity can be referred to as Exemplar Luxurious Group, and with an improved steadiness sheet, together with an almost 75% debt discount and $500 million in additional financing. Its CEO, Geoffroy van Raemdonck, mentioned the New York-based firm is prepared for its subsequent chapter after navigating a number of tumultuous years.
“Right now is known as a model new day for the group and a brand new day the place these three iconic banners have the appropriate funding, the appropriate fairness and a vibrant future forward of them,” Van Raemdonck instructed The Related Press on Friday throughout a telephone interview.
Van Raemdonck mentioned that the brand new identify signifies the corporate’s deal with having an exemplary purchasing expertise for purchasers — one of the best merchandise, and higher customized service with prospects, with assist from its gross sales associates and the treasure trove of knowledge it has on its prospects. The corporate employs greater than 1,500 gross sales associates who’ve offered greater than $1 million of products every, he mentioned.
Saks International had filed for chapter safety in January of this yr, buffeted by rising competitors and the huge debt it took on to buy its rival in the luxury sector, Neiman Marcus, in July 2024.
Earlier than the chapter, there have been 33 Saks shops and 36 Neiman Marcus areas, in response to the corporate, in addition to its Bergdorf Goodman retailer on Fifth Avenue and roughly 70 Saks Off fifth low cost shops.
Now, there are a complete of 49 shops — 15 Saks Fifth Avenue shops, 33 Neiman Marcus shops and its Bergdorf Goodman retailer. The corporate shuttered most of its Saks Off Fifth low cost shops, and it now has 12 shops, the corporate mentioned.
.
Anne D’innocenzio, The Related Press
Add CityNews Montreal as a trusted supply on Google to see extra native tales from us.
