Saks in talks to sell 49% stake in Bergdorf Goodman for about $1 billion, WSJ reports
Deal could raise liquidity for Saks Global after Neiman Marcus purchase; bidders include sovereign wealth funds and strategic investors
Saks Global, the parent of Saks Fifth Avenue, is in talks to sell a 49% stake in Bergdorf Goodman for about $1 billion, the Wall Street Journal reported on Sunday, citing people familiar with the matter. The discussions involve at least four bidders, including Middle Eastern sovereign wealth funds and strategic investors, with a deal possible early next year. A minority stake would allow Saks Global to raise capital while Bergdorf Goodman continues to operate under its current management; the report noted that the proceeds would be directed toward reducing debt from the 2024 Neiman Marcus deal.
Saks Global was created in July 2024 by Hudson's Bay Company after its $2.65 billion acquisition of Neiman Marcus, consolidating Saks Fifth Avenue, Neiman Marcus and other luxury retail and real estate assets. The Bergdorf Goodman stake sale is part of a broader strategy to monetize non-core assets and de-leverage the balance sheet as the company integrates the portfolio acquired in the Neiman Marcus purchase. The potential deal underscores a trend in luxury retail where ownership structures are being tuned to unlock cash without ceding control of iconic stores.
The Journal report also said Saks Global is pursuing the sale of about $600 million of real estate and that its properties are valued at roughly $9 billion. The move would bolster liquidity as the group continues to align its luxury brands and real estate footprint with broader financial goals. Reuters could not verify the Journal’s report, and representatives for Saks Global and Bergdorf Goodman did not respond to Reuters' requests for comment outside regular business hours.
Bergdorf Goodman is a century-old flagship in the Saks portfolio, known for its flagship Fifth Avenue store and high-end fashion and accessories. If a deal progresses, the buyer group would be acquiring a significant minority stake in a storied brand while Saks Global retains controlling interest and ongoing oversight of strategy. The Wall Street Journal cited people familiar with the talks in reporting, and there was no immediate comment from Saks Global or Bergdorf Goodman.
