Saks Global, parent of Saks Fifth Avenue, is reportedly in talks to sell a 49% stake in luxury retailer Bergdorf Goodman for about $1 billion, according to the Wall Street Journal.
At least four bidders, including Middle Eastern sovereign wealth funds and strategic investors, are said to be competing, with a potential deal expected early next year.
Saks Global was formed in July after Hudson’s Bay Company’s $2.65 billion acquisition of Neiman Marcus, merging Saks Fifth Avenue, Neiman Marcus, and other luxury assets. Proceeds from the Bergdorf sale would help reduce debt from that deal.
The company is also pursuing the sale of $600 million in real estate, part of a portfolio valued at about $9 billion. Saks Global and Bergdorf Goodman have yet to comment on the report, which Reuters could not immediately verify.