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Upscale department-store chains have been among the most fashionable U.S. targets for foreign investors. Like well-heeled Christmas shoppers, they scooped up some of the most famous names in American retailing, from Bloomingdale's to Bonwit Teller. Now several store chains are suddenly up for sale again, creating a sense of turmoil in retailing just as it heads into its busiest season.

The besieged British conglomerate B.A.T Industries disclosed last week that it will sell its U.S. retailing operations, which include Saks Fifth Avenue (total stores: 46), Marshall Field's (24), Breuners (17) and Ivey's (23). B.A.T is reluctantly shedding the chains as part of a defensive strategy to fend off a takeover bid by Sir James Goldsmith.

Two other foreign investors are in trouble largely because they overreached. Burdened with debt, Canadian mogul Robert Campeau was forced last month to relinquish control of his retailing empire and put the 17-store Bloomingdale's chain up for sale. In August Australian raider George Herscu put his U.S. retailing subsidiary into bankruptcy after becoming overwhelmed by its $1.2 billion takeover debt. Herscu may well have to sell Bonwit Teller (stores: 16) and B. Altman (7), which he acquired in 1987.

While B.A.T hired astute managers, the other two investors failed to recognize the industry's finicky and cyclical nature. Says Monroe Greenstein, who follows retailers for Bear, Stearns: "These people are developers and financiers. While they may be savvy about other types of business, they don't have that retail knowledge." The new owners may not have such problems. Among the most probable bidders are Little Rock's Dillard and St. Louis' May stores. In this industry, at least, ownership may shift back to U.S. hands.