The luxury single-trade giant Saks Global apparently checks the sale of a minority stake to Bergdorf Goodman. According to reports, the company continues to investigate “strategic options” for the department store business.
According to the Sources of the industry magazine WWD, the sale of such a participation, the scope of which has so far not been known, could estimate Bergdorf Goodman between $ 1.5 and $ 2 billion (1.28 to 1.7 billion euros).
This would replace SAKS a full sale or joint venture opportunities, which the company had reportedly checked at the beginning of the year. Compared to the WWD, the company refused to comment on rumors and speculations.
The decision to partially sell Bergdorf Goodman could be part of Saks’ more comprehensive turnaround plan. This had become necessary after the debt burden had increased after the takeover of the Neiman Marcus Group and most recently from Bergdorf Goodman last year.
Although the company secured refinancing of $ 350 million in June, it is still heavily dependent on its asset-backed credit factility of $ 1.8 billion. SAKs are facing rising interest payments and total liabilities of around four billion US dollars.
In his current financial report for the first quarter of 2025, about which WWD reported, CEO Marc Metrick emphasized that despite storage pressure and cautious consumption editions, “solid progress” would be achieved in implementing the transformation plan.
The company continues to work on the optimization of its flow of goods, whereby “below -average” inventory still puts a strain on sales. In addition, the buyers are trying to restore the relationships with the suppliers after numerous defaults on payment had occurred in the past.
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