Saks Global came out of bankruptcy on the evening of Friday, June 26, and it did so with a new name. The company that owns Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman will now be called Exemplar Luxury Group (ELG).

The new name shows where Saks wants to go from here: to grow by focusing on high-quality, personal service for luxury shoppers. “Moving forward as Exemplar Luxury Group reflects the shared ideals that anchor each of our banners and our commitment to setting the standard of excellence for luxury retail across all three,” CEO Geoffroy van Raemdonck said in a statement. “As the gateway to the US luxury customer, we are uniting coveted brands with unrivaled customer experiences to drive growth for Exemplar Luxury Group and the broader luxury ecosystem.”

The group has exited bankruptcy with nearly 75% less debt and what the company calls “enough liquidity” to pursue long-term, profitable growth. According to the company, in its next phase, ELG will focus on personalization to better serve luxury customers.

It’s been a long journey to get here. Saks Global officially filed for bankruptcy in January, starting a period of restructuring under van Raemdonck, who became CEO when Saks filed. This included closing some stores (including most of its off-price Saks Off 5th locations), getting additional financing, and mending relationships with brands.

ELG hasn’t yet said which brands it will keep under the new structure, what new vendor agreements will look like, or when—or if—brands will receive payments that are still owed. That means the future is still uncertain for many independent and emerging designers across ELG’s three retailers, many of whom are still waiting for payments they’re not sure they’ll ever get.

“We greatly appreciate the commitment of our new owners, who understand the value of our banners and the growth opportunity for Exemplar Luxury Group,” van Raemdonck continued. “It is a new day for ELG, and we are focused on executing our business plan with discipline and investing in the experiences that matter most to our customers. Neiman Marcus, Saks Fifth Avenue, and Bergdorf Goodman have long set the standard for luxury retail in the US, and we are committed to building upon that legacy.”

Frequently Asked Questions
Here is a list of FAQs about Saks Global emerging from bankruptcy under a new name covering both basic and advanced questions

BeginnerLevel Questions

1 What is Saks Global
Saks Global is the new name for the company that used to be known as Saks Fifth Avenue It was created after the company went through a major financial restructuring to become stronger

2 Did Saks Fifth Avenue go out of business
No The company went through a legal process to reorganize its debts but it did not close its stores or stop selling online It simply changed its corporate name to Saks Global to mark a fresh start

3 Is the Saks Fifth Avenue store at my local mall still open
Yes All Saks Fifth Avenue and Saks Off 5th stores remain open and operating as usual The bankruptcy was about the companys finances not about shutting down locations

4 Why did the company change its name
The company changed its name to Saks Global to signal that it is a new financially healthier company It also reflects the fact that the business now includes both the luxury Saks Fifth Avenue brand and the offprice Saks Off 5th brand under one global umbrella

5 Will my Saks credit card gift cards or loyalty points still work
Yes All existing credit cards gift cards and Saks loyalty points are still valid and can be used as before The underlying accounts were not affected by the name change

IntermediateLevel Questions

6 What does emerging from bankruptcy actually mean
It means the company filed for Chapter 11 bankruptcy negotiated a plan to reduce its debt and got a courts approval to start fresh The company is now debtfree and has new owners Its a legal reset not a liquidation

7 Who owns Saks Global now
Saks Global is now owned primarily by its former lenders such as Hudsons Bay Company and investment firms that bought its debt The exact ownership structure is a mix of the old owners and new investors

8 Will the shopping experience change at Saks Fifth Avenue
The