Exemplar Luxury Group emerges from Chapter 11 with $500M in new financing and nearly 75% of its debt eliminated.The reorganized company will operate 15 Saks Fifth Avenue stores, 33 Neiman Marcus stores, Bergdorf Goodman’s Fifth Avenue flagship and 12 Saks Off 5th outlets after closing others and converting some outlets to liquidation channels.CEO
Geoffroy van Raemdonck says the new seven-person board, which includes representatives from Pentwater Capital Management and
Bracebridge Capital and independent directors
Dave Kimbell and
Philippe Schaus, will pursue $3B annual purchasing, improved vendor terms, technology investment and double-digit EBITDA growth after a $2.7B acquisition led by
Richard Baker drove earlier bankruptcy filings this year.