Saks in talks to sell 49% stake in Bergdorf Goodman for about $1B: WSJ

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Saks in talks to sell 49% stake in Bergdorf Goodman for about B: WSJ — Saks in talks to sell 49 stake in Bergdorf Goodman.jpg

Saks Global in Talks to Sell 49% Stake in Bergdorf Goodman

Saks Global, the parent company of Saks Fifth Avenue, is currently in discussions to sell a 49% stake in luxury retailer Bergdorf Goodman for approximately $1 billion, as reported by the Wall Street Journal. At least four potential buyers, including Middle Eastern sovereign wealth funds and strategic investors, are actively involved in the bidding process, with a potential deal expected to be finalized early next year.

Established in July 2024 by Hudson’s Bay Company following its acquisition of Neiman Marcus for $2.65 billion, Saks Global brought together Saks Fifth Avenue, Neiman Marcus, and other high-end retail and real estate assets.

At least four bidders are in the running for 49% of Bergdorf Goodman, as reported by The Wall Street Journal. UCG/Universal Images Group via Getty Images

Saks Fifth Avenue prepares to reopen after being closed during the coronavirus shutdown — Saks’ flagship store on Fifth Avenue. Matthew McDermott

The proceeds from the sale of Bergdorf Goodman would help Saks Global reduce the debt incurred from its Neiman Marcus acquisition. Additionally, Saks Global is currently in the process of selling $600 million worth of real estate assets, owning properties valued at approximately $9 billion.

While Reuters could not independently verify the information, both Saks Global and Bergdorf Goodman have yet to respond to Reuters’ requests for comment outside of regular business hours.