Saks Surges After New York Post Reports It’s Considering Sale

Saks Fifth Avenue | Source: Saks Fifth Avenue

NEW YORK, United States — Saks Inc. surged in late trading after the New York Post reported the department-store chain hired Goldman Sachs Group Inc. to help it explore alternatives, including a possible sale.

The shares rose 16 percent to $15.85 at 4:14 p.m. in New York after gaining 11 percent during regular trading. New York- based Saks had increased 30 percent this year through the close of regular trading today, compared with a 17 percent gain for the Standard & Poor’s 500 Index.

Saks has hired Goldman to explore strategic alternatives, the Post reported, citing an unidentified person with knowledge of the situation.

Possible bidders for Saks include private-equity firms such as KKR & Co. and Leonard Green & Partners LP, the newspaper said.

By: Cotten Timberlake; Editors: Kevin Orland, James Callan