NEW YORK (AP) — Saks Global, the parent company of Neiman Marcus, Saks Fifth Avenue and Bergdorf Goodman, officially emerged from Chapter 11 bankruptcy Friday with fewer stores, less debt, a more focused strategy to pamper the affluent — and a new name.
The company said Friday that the new entity will be called Exemplar Luxury Group, and with an improved balance sheet, including a nearly 75% debt reduction and $500 million in extra financing. Its CEO, Geoffroy van Raemdonck, said the New York-based company is ready for its next chapter after navigating several tumultuous years.
“Today is really a brand new day for the organization and a new day where these three iconic banners have the right funding, the right equity and a bright future ahead of them,” van Raemdonck told The Associated Press on Friday during a phone interview.
Van Raemdonck said that the new name signifies the company's focus on having an exemplary shopping experience — the best merchandise, and better personalized service with customers, with help from its sales associates and the treasure trove of data it has on its customers. The company employs more than 1,500 sales associates who have sold more than $1 million of goods each, he said.
Saks Global had filed for bankruptcy protection in January of this year, buffeted by rising competition and the massive debt it took on to buy its rival in the luxury sector, Neiman Marcus, in July 2024.
Before the bankruptcy, there were 33 Saks stores and 36 Neiman Marcus locations, according to the company, as well as its Bergdorf Goodman store on Fifth Avenue and roughly 70 Saks Off 5th discount stores.
Now, there are a total of 49 stores — 15 Saks Fifth Avenue stores, 33 Neiman Marcus stores and its Bergdorf Goodman store. The company shuttered most of its Saks Off Fifth discount stores, and it now has 12 outlets, the company said.
Exemplar Luxury Group said it has been teaming up with Pentwater Capital Management and Bracebridge Capital throughout its restructuring process. Both firms will have two representatives on the seven-person board. In addition, van Raemdonck as well as former Ulta Beauty CEO Dave Kimbell and Philippe Schaus, who most recently served as Global CEO of Moët Hennessy, will serve on the board, the company said.
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FILE - Shoppers walk through Saks Fifth Avenue, Jan. 16, 2026 in New York. (AP Photo/Anne D'Innocenzio, File)
BUFFALO, N.Y. (AP) — With most of Yukon watching and a loud presence of Maple Leafs fans in the stands, Toronto selected Penn State forward Gavin McKenna with the first pick in the NHL draft on Friday night.
The 18-year-old McKenna is from Yukon’s capital of Whitehorse and has been a prolific scorer on both sides of the border, with his selection validating the projections of the left winger being his age group’s top prospect more than two years ago.
McKenna’s selection was announced by longtime Leafs fan and Canadian-born international pop icon Justin Bieber.
"I got no words right now," McKenna said. “This is nuts. Obviously I want to start by thanking my family. I love you guys. I wouldn’t be here without you guys.”
As in 2016, there was a large contingent of blue and white jersey-wearing Leafs fans, with a “Go Leafs, go!” chant erupting once Toronto was placed on the clock. Saying “the child in me is ecstatic,” Bieber joined NHL Commissioner Gary Bettman on stage and, after a short pause, looked over to McKenna and declared him being a member of the Maple Leafs.
Bieber teed up a video welcome message from Leafs captain Auston Matthews, who was their No. 1 pick a decade ago, when the draft was also in Buffalo.
“I know how exciting this is for you and your family and what an incredible honor it is,” Matthews said. “We’re just as excited to have you join the Maple Leafs and cannot wait to get started. You’re coming to a franchise with an amazing history and base, and we’re all working to write the next great chapter together. And you’re going to be a very important part of that.”
The draft opened with Bettman getting booed — a draft-day tradition — as he took the stage, and was joined by Sabres forward Josh Doan and NFL Bills tackle Dion Dawkins.
Dawkins referred to Bettman as his “new dawg,” acknowledged both the Sabres and Maple Leafs fans in attendance in leading a cheer of “Let’s go, Buffalo.”
For Toronto, McKenna represents a major plank in the rebuilding process of a team suddenly in transition under new general manager John Chayka. Toronto finished last in the Atlantic Division last season and missed the playoffs for the first time since Matthews’ arrival.
The San Jose Sharks took Swedish winger Ivar Stenberg with the No. 2 pick. Vancouver picks third, Buffalo fourth and the New York Rangers fifth.
The top of the draft class is considered light on forwards and deep in defensemen.
McKenna is accustomed to the spotlight, splashing on the scene by combining for 79 goals and 244 points in 133 games with the WHL's Medicine Hat. He then made the jump to the NCAA last summer in a bid to challenge himself against older and more physical competition.
McKenna finished his freshman season with a flourish, scoring 32 points in his final 17 outings. His 51 points finished tied for fourth in the nation.
He became just the fifth NCAA player to go first, and third in six years, since Michigan defenseman Owen Power went No. 1 to Buffalo in 2021.
Though accustomed to the spotlight, McKenna now heads to a metropolis that is nearly 100 times larger than Whitehorse’s population of about 39,000. He became the fifth Yukon-born player to be selected in the draft, and the highest pick after Ottawa’s Dylan Cozens went No. 7 to Buffalo in 2019.
A day earlier, without revealing who he was picking, Chayka said the team’s staff was unanimous on their choice. Chayka even traveled to Whitehorse last month to spend time with McKenna and his family.
AP NHL: https://apnews.com/NHL
FILE - Penn State forward Gavin McKenna (72) skates during an NCAA hockey regional game against Minnesota Duluth, March 27, 2026 in Albany, N.Y. (AP Photo/Vera Nieuwenhuis, File)
FILE - New Toronto Maple Leafs General Manager John Chayka speaks during a scrum following a news conference in Toronto, May 4, 2026. (Arlyn McAdorey/The Canadian Press via AP, File)
