Saks Global has emerged from Chapter 11 bankruptcy under a new name, Exemplar Luxury Group, following a significant restructuring process. The company reported achieving a 75 percent reduction in its debt load and securing adequate liquidity to support its ongoing operations.
The restructuring, which began after the company filed for bankruptcy in January, came roughly one year after Saks Global’s $2.7 billion merger with Neiman Marcus. Geoffroy van Raemdonck, who previously managed Neiman Marcus’s own bankruptcy proceedings, was appointed CEO to oversee the turnaround. Under his leadership, the company implemented various measures including store closures, workforce reductions, and the termination of certain partnerships as part of its efforts to stabilize the business.
During the restructuring, Saks Global partnered with Pentwater Capital Management and Bracebridge Capital, both of which will now hold two seats on a newly formed seven-member board. The board will also include CEO Geoffroy van Raemdonck, former Ulta Beauty CEO Dave Kimbell, and Philippe Schaus, former CEO of Moët Hennessy and DFS Group.
In April, the company announced it had secured $500 million from bondholders to support its restructuring efforts. The rebranding to Exemplar Luxury Group reflects the company’s focus on its portfolio of high-end retail brands—Neiman Marcus, Saks Fifth Avenue, and Bergdorf Goodman. Van Raemdonck emphasized the commitment to preserving and building upon the legacy of these prominent luxury retailers.
“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 stated. “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.”
In a separate development, ON Semiconductor announced plans to acquire Synaptics in an all-stock deal valued at approximately $7 billion. Under the terms, ON Semiconductor will issue 1.35 shares for each share of Synaptics, representing about a 19 percent premium based on the volume-weighted average prices of the two companies’ shares over the prior 10 trading days. Following the announcement, ON Semiconductor’s shares declined 7.3 percent in after-hours trading.
The chipmaker indicated that the acquisition will enhance its artificial intelligence compute capabilities, human-machine interface technology, and connectivity solutions, positioning it to better meet increasing demand for AI applications that interact with physical devices. ON Semiconductor expects the transaction to be accretive to adjusted earnings per share within 18 months and projects $200 million in annual synergies alongside improved gross margins.