The retailer will be moving into 120,000-sf of renovated and refurbished space currently occupied by Parisian, a specialty department store which is being shut down by its parent, Saks Inc.
Lord & Taylor's parent, St. Louis-based May Department Stores Co., is paying Saks Inc. about $310 million or roughly $34 million per store for five Parisian store locations in Tennessee; three in Louisiana; and the Orlando site.
The deal is expected to close in March, according to a prepared statement from Birmingham, AL-based Saks Inc. Saks will use the proceeds to reduce debt and buy back equity.
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