Saks Global announced that it had officially completed its reorganization under Chapter 11 of the bankruptcy law and renamed the company Exemplar Luxury Group. The reorganization reduced the company’s debt by 75% while maintaining sufficient liquidity, with the support of investors Pentwater Capital Management and Bracebridge Capital.
The restructured board of directors, made up of seven members, includes CEO Geoffroy van Raemdonck, the former CEO of Ulta Beauty Dave Kimbell, and the former CEO of Moët Hennessy and the DFS Group Philippe Schaus, with each investment firm appointing two representatives. The company will focus on three luxury retail brands: Neiman Marcus, Saks Fifth Avenue, and Bergdorf Goodman.
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The restructured board of directors, made up of seven members, includes CEO Geoffroy van Raemdonck, the former CEO of Ulta Beauty Dave Kimbell, and the former CEO of Moët Hennessy and the DFS Group Philippe Schaus, with each investment firm appointing two representatives. The company will focus on three luxury retail brands: Neiman Marcus, Saks Fifth Avenue, and Bergdorf Goodman.
$AGLD
$PUNDIX
$GLM