Belk Buys Parisian
Birmingham, Ala.–based department store chain Saks Inc. is selling its Parisian department store unit to Charlotte, N.C.–based Belk Inc. for $285 million. The purchase nets Belk 38 Parisian stores and a 125,000- square-foot administrative facility in Birmingham and a 180,000-square-foot distribution facility in Steele, Ala. Belk operates 277 stores located in the southeastern United States. Last year, Belk acquired Saks’ Proffitt’s and McRae’s stores. Saks has 50 Saks Fifth Avenue stores, 50 Saks Off 5th stores and its e-commerce site, saks.com.
