Saks Global has completed its Chapter 11 restructuring and re-emerged under the name Exemplar Luxury Group (ELG), cutting its total debt by close to 75%.

The company, which operates Neiman Marcus, Saks Fifth Avenue and Bergdorf Goodman, said it has entered new ownership with a “strengthened” balance sheet, “sufficient” liquidity and a rationalised store estate.

ELG intends to grow its position in US multi-brand luxury retail through a model spanning physical stores, digital commerce and remote selling channels.

The board of directors has been reconstituted following the emergence.

Restructuring partners Pentwater Capital Management and Bracebridge Capital will each hold two of the seven board seats.

Two independent directors have been appointed to the board.

The first, Dave Kimbell, previously served as CEO of Ulta Beauty and has held senior roles at PepsiCo and Procter & Gamble. He currently sits on the board of Best Buy.

The second, Philippe Schaus, formerly held the positions of president and global CEO of Moët Hennessy and global chairman and CEO of DFS Group, and spent more than 12 years as a member of LVMH's executive committee.

ELG CEO Geoffroy van Raemdonck said: “Moving forward as Exemplar Luxury Group reflects the shared ideals that anchor each of our banners and our commitment to setting the standard of excellence for luxury retail across all three.

“As the gateway to the US luxury customer, we are uniting coveted brands with unrivalled customer experiences to drive growth for Exemplar Luxury Group and the broader luxury ecosystem.”

ELG said it plans to use customer insights to shape product ranges and deliver “personalised experiences” across all three of its retail brands.

The reorganisation plan was approved earlier this month by the US Bankruptcy Court for the Southern District of Texas, after the “overwhelming majority” of eligible creditors voted in favour across the company's capital structure.