Saks considers selling minority stake in Bergdorf Goodman

Saks Global Enterprises LLC is exploring strategic choices for Bergdorf Goodman, together with selling a minority place in the posh division retailer, WWD reported.

The firm had examined the marketplace for an outright sale and is now centered on selling a minority stake that may worth Bergdorf Goodman in the vary of $1.5 billion to $2 billion, WWD reported, citing unidentified sources. The publication didn’t say how giant a stake could be obtainable on the market.

A spokesperson for Saks stated the corporate doesn’t touch upon rumors or hypothesis.

Saks Global has overhauled its capital construction in current months, together with transforming $2.2 billion of bonds issued in December to fund its takeover of rival Neiman Marcus. After poor gross sales and troubled vendor relationships marred its post-acquisition efficiency, Saks was pressured to hunt extra financing simply months after issuing the bonds, Bloomberg has reported.