Ian Ritter is national online editor for GlobeSt.com/RETAIL.
BIRMINGHAM, AL-Saks Inc. has completed the sale of its 47 Southern Proffitt's and The company is still marketing its Northern department store chains as well as Club Libby Lu, its specialty apparel stores.
Saks executives originally announced the deal in April, after months of rumors that the company would sell some part of its business. The deal gives Belk 25 McRae's and 22 Proffitt's stores located throughout 11 Southern states.
The Northern department store division, which includes 143 units in 12 Midwestern states under the Bergner's, Boston Store, Carson Pirie Scott, Herberger's and Younkers banners. Club Libby Lu is a 43-unit chain that markets to "tweens."
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