Saks Global Enterprises LLC is exploring strategic options for Bergdorf Goodman, including selling a minority position in the luxury department store, WWD reported.
The company had tested the market for an outright sale and is now focused on selling a minority stake that would value Bergdorf Goodman in the range of $1.5 billion to $2 billion, WWD reported, citing unidentified sources. The publication didn’t say how large a stake might be available for sale.
A spokesperson for Saks said the company doesn’t comment on rumour or speculation.
Saks Global in recent months has overhauled its capital structure, including reworking $2.2 billion of bonds issued in December to fund its takeover of rival Neiman Marcus. After poor sales and troubled vendor relationships marred its post-acquisition performance, Saks was forced to seek more financing just months after issuing the bonds, Bloomberg has reported.
By Catherine Larkin
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