Saks Global has emerged from Chapter 11 and has rebranded under a new name – the Exemplar Luxury Group.
The company said late Friday afternoon that, as expected, it completed its restructuring process, putting it under new ownership with “a substantially strengthened balance sheet, including a nearly 75 percent debt reduction, sufficient liquidity and the full backing of its capital partners and other key stakeholders.”
With the company’s emergence from bankruptcy, a new board of directors has been formed. Pentwater Capital Management and Bracebridge Capital, the investment firms that have partnered with the company throughout the restructuring process, will each have two representatives on the seven-person board.
In addition, Geoffroy van Raemdonck, chief executive officer of the Exemplar Luxury Group, was named to the board, along with two independent directors. They are Dave Kimbell and Philippe Schaus. Kimbell previously served as CEO of Ulta Beauty. He has also held leadership positions at PepsiCo and The Procter & Gamble Company, and currently serves on the board of Best Buy Inc.
Schaus most recently served as president and global CEO of Moët Hennessy after his role as the global chairman and CEO of DFS Group, while being a member of the executive committee of LVMH Moet Hennessy Louis Vuitton for over 12 years.
