Bergdorf Goodman was acquired by the Saks Fifth Avenue owner last year|ajay_suresh|CC BY 2.0
Iconic luxury store Bergdorf Goodman’s parent, Saks Global, is in talks to sell a 49% stake in the department store for about $1 billion, reports the Wall Street Journal.
The New York store has attracted interest from at least four bidders, including Middle Eastern sovereign wealth funds. Executive Chairman Richard Baker said the sale would unlock value and help reduce the company’s debt.
Bergdorf Goodman was acquired by the Saks Fifth Avenue owner last year, when it bought Neiman Marcus for $2.7 billion. However, the merger has faced headwinds from a slump in luxury sales and has struggled to pay some vendors.
In June, it raised $600 million in fresh capital.
Founded in 1899 and now operating only two Manhattan stores, Bergdorf Goodman is known for its elite service and carrying luxury brands like Chanel and Hermes.