Is Exemplar Luxury Group done with store closures?

Exemplar Luxury Group (ELG), formerly Saks Global has likely left its troubles behind, with very little chance of filing for Chapter 22 protection, the retail industry lingo for filing Chapter 11 twice.

ELG is now a much leaner company and is not burdened by debt. ELG aggressively hacked away at its physical footprint to ensure maximum productivity. The company went into bankruptcy with roughly 140 total locations across all banners and emerged with just 61 stores (15 Saks Fifth Avenue, 33 Neiman Marcus, one Bergdorf Goodman and 12 remaining Saks Off Fifth outlets).

Upon successfully completing its financial restructuring in June 2026, the company successfully shed nearly 75% of its $3.4 billion debt load and secured $500 million in exit financing.

ELG is likely done closing stores with the recently announced 112-year-old downtown Dallas flagship, which the company considered redundant to the NorthPark Center store. Predictably, we will see stabilization of existing locations, increase in same-store sales, return to profitability within the next three years, and we might even see footprint growth in the next decade.

Read more: Saks Global survived bankruptcy. Now comes the hard part. (CoStar News)