The company will now operate as Exemplar Luxury Group (ELG), reflecting its renewed focus on the luxury retail business. As part of its restructuring, Saks shut down the majority of its off-price store portfolio.

The newly formed board of ELG includes two representatives each from investment firms Pentwater Capital Management and Bracebridge Capital, both of which supported the retailer during its restructuring process.

Saks sought Chapter 11 bankruptcy protection in January after grappling with prolonged weak consumer demand, mounting debt and delayed payments to suppliers.

The company said the restructuring has reduced its debt by nearly 75%.

Saks' acquisition of Neiman Marcus in December 2024, led by real estate investor Richard Baker, contributed to financial pressures, including cash flow constraints and inventory shortages. The merger also strained relationships with key luxury brands such as Chanel, LVMH and Kering.

At the time of its bankruptcy filing, Saks Global reported total debt of approximately $3.4 billion, roughly a year after completing the Neiman Marcus transaction.