Overview

• Saks Global has begun a formal process to sell a minority interest in Bergdorf Goodman, targeting a 49% stake for roughly $1 billion.
• The stake on offer covers the operating business and excludes the New York store properties, which remain owned by the Goodman family.
• People familiar with the talks say at least four bidders, including Middle Eastern sovereign wealth funds and strategic investors, are reviewing the opportunity.
• Proceeds are intended to help pay down acquisition-related borrowings, with reports also pointing to an additional plan to sell about $600 million in real estate.
• The effort follows a stretch of vendor repayments, a $600 million financing commitment from bondholders in June, and continued pressure from softer luxury demand.