The Wall Street Journal (gated) with the report. In brief:

• Saks Global is considering selling 49% of Bergdorf Goodman for about $1 billion to unlock value and reduce debt.

• Potential buyers for the stake in Bergdorf Goodman include Middle Eastern sovereign-wealth funds and strategic investors.

• Bergdorf Goodman, known for luxury goods and superior service, might be valued between $1.5 billion and $2.5 billion.