Saks and Neiman Marcusparent company has erased its name and slashed its discount store footprint as it exits Chapter 11 bankruptcy in the United States on Friday, rebranding itself as Exemplar Luxury Group while shutting the majority of its Saks Off 5th outlets and repositioning around high-end retail, according to company statements.
The restructuring follows a turbulent period for the luxury department store operator, which filed for bankruptcy protection in January after taking on significant debt to acquire rival Neiman Marcus in July 2024. The deal, once pitched as a bold consolidation of luxury retail, quickly became a financial strain as competition intensified and consumer habits shifted.
