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Saks Global, the parent company behind the luxury retail chains Neiman Marcus, Saks Fifth Avenue, and Bergdorf Goodman, is moving forward after an intensive restructuring. The group is emerging from Chapter 11 proceedings under a new name: Exemplar Luxury Group.
“A brand-new day”
The American department store group is drawing a line under a restructuring that reduced its debt burden by nearly 75% and significantly downsized its store network. According to Saks Global, an “overwhelming majority” of participating creditors supported the plan.
