Saks Global seeks to sell minority stake in luxury retailer Bergdorf Goodman

Group 1 - Saks Global is negotiating to sell a 49% stake in Bergdorf Goodman for approximately $1 billion, with at least four bidders involved, including Middle Eastern sovereign wealth funds and strategic investors [1] - A deal for the stake sale is anticipated to be finalized early next year [1] - The proceeds from the sale will assist Saks Global in reducing debt incurred from its acquisition of Neiman Marcus [2] Group 2 - Saks Global was established in July 2022 by Hudson's Bay Company after acquiring Neiman Marcus for $2.65 billion, consolidating various luxury retail and real estate assets [2] - Saks Global is also in the process of selling $600 million worth of real estate and currently holds properties valued at approximately $9 billion [2]