Belk's will purchase the leasehold agreements andcertain store fixtures and equipment and willbeginning operating the stores in March 2005.
The properties are: a 90,000-sf store in the ColonialMall in Greenville; an 80,000-sf store in the GoldenEast Crossing Mall in Rocky Mount; a 50,000-sf storein the Vernon Park Mall in Kinston; and a 52,000-sfstore in the Berkeley Mall in Goldsboro.
Belk's, which was founded in 1888, currently has morethan 225 stores across the Southeastern U.S. including75 stores in North Carolina.
Proffitt's employs about 300 associates in the fourstores who will be offered transfer opportunities toother stores, may be given opportunities to interviewfor open store positions with Belk or will receiveappropriate severance packages, Saks says.
The disposition is part of Saks' ongoing efforts tofocus on its most productive locations. Proffitt'sacquired the four stores from Brody's in 1998. Theretailer will continue to operate its Proffitt's storein Asheville, NC and operates 23 Proffitt's storesthroughout Alabama, Georgia, Kentucky, North Carolina,South Carolina, Tennessee, Virginia, and West Virginiaand 30 McRae's stores in Alabama, Florida, Louisiana,and Mississippi.
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