Saks Emerges From Bankruptcy as Exemplar Luxury Group With Leaner Footprint

One of America's oldest luxury retail institutions has passed through the crucible of bankruptcy and emerged with a new name, a lighter burden of debt, and a narrowed sense of purpose. Saks Fifth Avenue, now operating as Exemplar Luxury Group, has chosen to stop trying to serve everyone and instead commit fully to the affluent few — a quiet admission that the broad middle ground of American retail has become untenable. The restructuring reflects a larger truth of this commercial era: that survival in brick-and-mortar retail increasingly demands either radical specialization or surrender.