Exemplar Luxury Group
American luxury-retail and commercial-property holding company formerly known as Saks Global.
Last updated August 31, 2026
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Overview
Exemplar Luxury Group is an American holding company focused on luxury department stores, off-price retail and commercial real estate. It was established as Saks Global in 2024 after the American assets of the Canadian Hudson's Bay Company were separated from the wider HBC structure and combined with the Neiman Marcus Group. The transaction brought four principal luxury and value-oriented retail nameplates under one ownership structure: Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman and Saks OFF 5TH. The group also inherited substantial real-estate interests associated with its department-store portfolio. The combination was designed to unite complementary luxury businesses. Saks Fifth Avenue operates a national full-line luxury department-store network and a digital retail platform; Neiman Marcus serves a similar high-end customer base through its stores and online operations; Bergdorf Goodman is a highly selective luxury retailer centered on its two New York locations; and Saks OFF 5TH provides an outlet-oriented channel for discounted designer and premium merchandise. The group has described its organization through several operating units, including Saks Global Operating Group, Saks Global Properties & Investments, Bergdorf Goodman and an authentic-luxury business associated with brand and retail partnerships. The 2024 Neiman Marcus acquisition cost approximately $2.7 billion and received support from investors and commercial partners including Amazon, Authentic Brands Group, G-III Apparel Group and Salesforce. The transaction increased the scale of the combined company but also left it with significant acquisition-related leverage. During 2025, the group sought additional capital, restructured portions of its debt and considered asset sales and portfolio reductions. Management also reviewed the store fleet and brand assortment as consumer demand shifted toward experiential luxury, directly operated mono-brand stores and more selective discretionary spending. Financial pressure intensified during 2025. Revenue declined materially in the second quarter, several suppliers raised concerns about unpaid invoices and the company reduced its physical-store footprint. It closed or scheduled closures for numerous Saks OFF 5TH and Saks Fifth Avenue locations, while also announcing the closure of selected Neiman Marcus stores and support operations. The group sold a Neiman Marcus flagship property in Beverly Hills to release capital and later missed a major debt payment. In January 2026, Saks Global sought protection under Chapter 11 of the United States Bankruptcy Code. The filing followed the accumulation of substantial debt, including obligations connected with the Neiman Marcus acquisition, and occurred amid intensified competition from Bloomingdale's, Nordstrom, directly operated luxury brands and other retail formats. During the restructuring, the company obtained debtor-in-possession financing, continued operating stores and customer programs, and implemented further closures and liquidation measures, particularly within Saks OFF 5TH. The company emerged from bankruptcy in June 2026 under the name Exemplar Luxury Group. Its reorganization substantially reduced debt and produced a smaller retail estate concentrated on more profitable full-line luxury locations. The post-bankruptcy group retained Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman as its principal luxury nameplates, while a limited number of Saks OFF 5TH locations remained open primarily to sell residual inventory rather than to support a normal ongoing off-price buying program. The renamed company therefore represents a more focused luxury-retail and property platform than the broader Saks Global organization created in 2024.
History
Saks Global was formed in 2024 through the separation of the American Hudson's Bay Company retail assets and their combination with the Neiman Marcus Group. The transaction, completed in December 2024, created a holding company with four major retail nameplates: Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus and Bergdorf Goodman. It also combined the companies' associated commercial-property interests and digital operations. Financing and strategic support came from Amazon, Authentic Brands Group, G-III Apparel Group and Salesforce, among others. The new group was organized into several operating and property divisions. Saks Global Operating Group managed the principal Saks businesses, Saks Global Properties & Investments held or managed real estate, Bergdorf Goodman operated as a distinct luxury unit, and an authentic-luxury division addressed brand and partnership activities. The group initially presented the combination as a way to increase scale, improve customer and brand-partner services, and develop a broader luxury platform. Integration was complicated by the debt burden created by the Neiman Marcus purchase. In 2025, management sought new capital and began reducing costs through assortment changes, store closures and property actions. Richard Baker considered removing hundreds of brands from the portfolio, while Saks Fifth Avenue closed its Union Square location in San Francisco. The company also sold its large Neiman Marcus property in Beverly Hills and considered selling a minority interest in Bergdorf Goodman. These measures were intended to generate liquidity and concentrate resources on stronger locations and luxury categories. The group's financial position deteriorated as revenue fell and suppliers reported concerns over payment delays. A debt restructuring in August 2025 provided access to additional secured financing and exchanged existing senior secured notes, but the measures did not resolve the underlying pressure. Saks Global subsequently announced the closure of underperforming Saks OFF 5TH stores and missed a $100 million debt payment at the end of December. In January 2026, Saks Global filed for Chapter 11 protection in the Southern District of Texas. The filing cited the effects of a difficult retail environment and approximately $2.65 billion of debt associated with the Neiman Marcus acquisition. The company obtained debtor-in-possession financing and stated that stores would continue operating, customer programs would be honored and employees and suppliers would be paid according to the restructuring process. The financing and bankruptcy proceedings faced opposition from Amazon and other creditors, while landlords and vendors pursued claims for unpaid obligations. The bankruptcy plan involved a major reduction in the store estate. Saks OFF 5TH announced the permanent closure of 57 stores and all remaining Neiman Marcus Last Call locations, with a small number of Saks OFF 5TH sites retained mainly to clear residual inventory. Additional Saks Fifth Avenue and Neiman Marcus stores were closed or scheduled for closure, and the Miramar, Florida support center was shut. Some proposed closures were later reversed, reflecting continuing efforts to preserve selected locations. The company emerged from Chapter 11 in June 2026 as Exemplar Luxury Group. The new name marked the post-bankruptcy organization rather than a return to the pre-2024 structure. Debt was reduced substantially, the board was reconstituted and the operating footprint became considerably smaller. Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman remained the central full-line luxury businesses, while a limited number of Saks OFF 5TH stores were retained primarily as inventory-disposal channels. The resulting company is a more concentrated luxury-retail and real-estate platform than the Saks Global group created by the 2024 merger.
- 2026
Chapter 11 filing
[1]Saks Global seeks bankruptcy protection in Texas while pursuing debtor-in-possession financing.
- 2026
Reorganization as Exemplar Luxury Group
[1]The company exits bankruptcy under a new name with materially reduced debt and a smaller store network.
- 2025
Debt restructuring begins
[1]The company seeks capital, restructures debt and begins reducing stores and assortments.
- 2024
Saks Global is created
[1]The American Hudson's Bay Company assets are separated and combined with Neiman Marcus Group.
- 2024
Neiman Marcus transaction closes
[1]The approximately $2.7 billion acquisition brings Neiman Marcus and Bergdorf Goodman into the Saks portfolio.
Products and positioning
A focused American luxury-retail holding group combining prestigious department-store nameplates, an off-price channel and related commercial-property assets.
Luxury department store
Saks Fifth Avenue
The group's flagship full-line luxury department-store nameplate, offering designer fashion, accessories, footwear, beauty, jewelry and selected home products through physical stores and digital commerce. Its post-restructuring network is smaller and more concentrated on profitable markets.
Luxury department store · 1907
Neiman Marcus
A premium American department-store business acquired with the Neiman Marcus Group in 2024. It sells luxury apparel, accessories, beauty, jewelry, watches and home merchandise through stores and online channels and remains one of the group's principal operating businesses.
Luxury specialty department store · 1899
Bergdorf Goodman
A highly selective luxury retailer centered on two landmark New York locations. Bergdorf Goodman carries designer fashion, accessories, beauty, jewelry and home collections and functions as a prestige nameplate within the group.
Off-price department store
Saks OFF 5TH
The group's value-oriented channel for discounted designer and premium merchandise. During the bankruptcy restructuring, most locations were closed and the remaining stores were retained mainly to sell residual inventory rather than support a conventional direct-buying program.
Brand decisions
2026
Restructure through Chapter 11StrategyBackground
The company could not sustain its acquisition-related debt and faced unpaid vendor, landlord and bondholder obligations.
Action taken
Saks Global filed for Chapter 11, obtained debtor-in-possession financing and reduced its store network and operating costs.
Aftermath
The company emerged under the Exemplar Luxury Group name with substantially lower debt and a smaller luxury-focused retail platform.
Debt reduction. Approximately 75% reduction; debt below $1 billion (June 2026 emergence from bankruptcy)
2025
Reduce assortment and optimize the store portfolioStrategyBackground
Management faced weak discretionary demand, high leverage and competition from other department stores and directly operated luxury brands.
Action taken
The group planned to remove hundreds of brands, closed selected Saks Fifth Avenue and Saks OFF 5TH stores, and pursued property and financing actions.
Aftermath
The measures reduced the footprint but did not prevent a subsequent Chapter 11 filing.
2024
Combine Saks and Neiman Marcus businessesM&ABackground
Hudson's Bay Company sought to combine its American luxury-retail assets with Neiman Marcus Group.
Action taken
The transaction created Saks Global and brought Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus and Bergdorf Goodman into one group.
Aftermath
The combination increased scale but created substantial acquisition-related debt and integration demands.
Purchase price. Approximately $2.7 billion (December 2024)
Recent events
Bergdorf Goodman appoints Lanessa Elrod president[3]
Reported:
Exemplar Luxury Group announced Lanessa Elrod’s appointment as president of Bergdorf Goodman, effective November 2, 2026.
Tracy Margolies to transition to executive advisor role at Exemplar Luxury Group[3]
Reported:
Exemplar Luxury Group announced that Tracy Margolies will transition to the role of Executive Advisor, reporting to CEO Geoffroy van Raemdonck.
- Unconfirmed
Saks Global preparing for bankruptcy after missed interest payment[4]
Reported:
The Wall Street Journal reported that Saks Global, the Neiman Marcus parent company, is preparing for bankruptcy after missing an interest payment exceeding $100 million on debt from its Neiman merger.
Saks Global CEO Marc Metrick steps down[5]
Reported:
Saks Global announced that CEO Marc Metrick will step down, with Executive Chairman Richard Baker taking on the additional role of CEO. The company said Metrick stepped down to pursue new opportunities.
Saks Global CEO Marc Metrick steps down[6]
Reported:
Saks Global said on Friday that CEO Marc Metrick has stepped down and named executive chair Richard Baker as his successor, amid reports that the luxury retailer is preparing for bankruptcy.
Weekdays and relative dates follow the original report; their exact calendar dates have not been verified.
Richard Baker named Saks Global CEO[6]
Reported:
Saks Global named executive chair Richard Baker as CEO, succeeding Marc Metrick, amid reports that the luxury retailer is preparing for bankruptcy.
Saks CEO Marc Metrick steps down; Richard Baker named successor[7]
Reported:
Saks Global announced on January 2, 2026, that CEO Marc Metrick has stepped down after nearly three decades with Saks, and named Executive Chairman Richard Baker as his successor. The company said the transition reflects Metrick's desire to pursue new opportunities.
Richard Baker appointed CEO of Saks Global[5]
Reported:
Saks Global announced that Executive Chairman Richard Baker will take on the additional role of CEO following Marc Metrick's departure.
Sources9 sources
- 1Exemplar Luxury Groupen.wikipedia.org
- 2Saks Globalsaksglobal.com
- 3Bergdorf Goodman任命Lanessa Elrod为总裁prnewswire.com
- 4Saks Global在错过利息支付后准备申请破产retail.economictimes.indiatimes.com
- 5Saks Global首席执行官Marc Metrick卸任benzinga.com
- 6Saks Global首席执行官Marc Metrick卸任theguardian.com
- 7Saks首席执行官Marc Metrick卸任，Richard Baker接任premiumbeautynews.com
- 8Saks CEO steps down as luxury retailer struggles under heavy debt loadtribtoday.com
- 9Saks Global CEO Marc Metrick steps down as retailer reportedly nears bankruptcyproactiveinvestors.co.uk
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