Saks Sale
Birmingham, Ala.–based retailer Saks Inc. completed the sale of its Proffitt’s/McRae’s department store business to Belk Inc. for $622 million plus the assumption of about $1 million in capitalized lease obligations and other liabilities. Belk assumed ownership and operation of 22 Proffitt’s stores and 25 McRae’s stores located in 11 states in the Southern United States. Saks is also considering selling its Carson Pirie Scott & Co. business, which features 143 stores in the Midwest, including Carson Pirie Scott, Bergner’s, Boston Store, Herberger’s and Younkers outfits. Other retail divisions under the Saks Inc. umbrella include Saks Fifth Avenue, Parisian and Off 5th stores and Saks.com.
