Iconic luxury retailer exits bankruptcy after deep cuts

Luxury department stores are built on more than expensive handbags, designer shoes, and polished sales floors.

Shoppers expect the right products to be available, brands expect to be paid, and stores need enough experienced employees to deliver the kind of service that makes a high-end purchase feel worth it.

This has made the past year difficult for Saks Global.

The company behind Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, names often used interchangeably with luxury, officially began the Chapter 11 bankruptcy process in January.

The issues arose after a challenging stretch that included liquidity problems, missed payments, store closures, and deep layoffs.

Now the luxury retailer is trying to turn the page under a new name.

Saks Global announced June 26 that it has successfully emerged from Chapter 11 bankruptcy as Exemplar Luxury Group (ELG), a new luxury collective that includes Neiman Marcus, Saks Fifth Avenue, and Bergdorf Goodman.

The company said the restructuring leaves it with a much stronger balance sheet, including a nearly 75% reduction in debt, around $500 million in exit financing, sufficient liquidity, and support from its capital partners and ke

Fuente original: Yahoo Finance (https://finance.yahoo.com/real-estate/articles/iconic-luxury-retailer-exits-bankruptcy-164700121.html)