Saks in talks to sell 49% stake in Bergdorf – Business News
Saks Global, the father or mother of Saks Fifth Avenue, is in talks to sell a 49% stake in luxurious retailer Bergdorf Goodman for about $1 billion, the Wall Street Journal reported on Sunday, citing people accustomed to the matter.
At least 4 bidders are in the working, together with Middle Eastern sovereign wealth funds and strategic buyers, with a deal potential early subsequent 12 months, the report added.
Saks Global was created in July 2024 by Hudson’s Bay Company after its $2.65 billion acquisition of Neiman Marcus, combining Saks Fifth Avenue, Neiman Marcus and different luxurious retail and real estate belongings.
At least 4 bidders are in the working for 49% of Bergdorf Goodman, The Wall Street Journal reported. UCG/Universal Images Group through Getty Images
Saks’ flagship store on Fifth Avenue. Matthew McDermott
The proceeds from the deal would help Saks Global pay down debt from its acquisition of Neiman Marcus, the Journal mentioned.
Saks Global can also be in the method of promoting $600 million of real estate and presently owns properties valued at roughly $9 billion, the report added.
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Reuters couldn’t instantly confirm the report. Saks Global and Bergdorf Goodman didn’t instantly reply to Reuters’ requests for remark exterior common business hours.
