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Deals: Office Depot, Saks Global

Atlas Holdings buys office chain; luxe retailer seeks to sell stake in Bergdorf

Published

7 months ago

September 25, 2025

VMSD

Bergdorf Goodman operates just two stores – one for men, the other for women – across the street from each other on Fifth Avenue in New York’s Midtown Manhattan. Photo: wdstock/iStock by Getty Images

Two noteworthy retail-related deals from recent days:

* The ODP Corp. (Boca Raton, Fla.), which operates about 1400 Office Depot, OfficeMax, CompuCom and Grand&Toy stores, has agreed to be bought by Atlas Holdings (Greenwich, Conn.) for about $1 billion. This represents the first foray into retail for Atlas, which owns and operates several manufacturing and distribution businesses.

Atlas said it is paying $28 per share in cash for ODP, a 34% premium to that company’s closing share price on Sept. 19. “… The deal will improve the company’s position for the next phase of growth,” said ODP CEO Gerry Smith, whose company will become privately held once the deal closes by year-end.

* Saks Global (New York) is in talks to sell a 49% stake in luxury retailer Bergdorf Goodman (New York) for about $1 billion, the Wall Street Journal reports. Citing people familiar with the matter, the business newspaper said at least four bidders are in the running, including Middle Eastern sovereign wealth funds and strategic investors.

“We have initiated a strategic process to explore the potential sale of a minority stake in Bergdorf Goodman,” Saks Global Executive Chairman Richard Baker told the Journal. “While Bergdorf Goodman is core to our strategy, this process is intended to unlock value for our stakeholders and de-lever our business.” Saks Global acquired Bergdorf when it bought rival Neiman Marcus for $2.7 billion last year. Any deal for Bergdorf is not likely to happen until early next year, the Journal reported.