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."
Locally based Saks Inc. is keeping its 38-store Parisian chain, which operates units mostly in the South. There are no announced plans to sell the upscale Saks Fifth Avenue chain, which operates 57 department stores and 52 outlets.
Charlotte, NC-based Belk, which bills itself as the "largest privately owned department store company in the United States," owned 228 Southeastern units before the transaction. Over is last fiscal year, which ended Jan. 29, the company reported a same-store sales increase of 4.2% over the previous year. Sales increased 8%, to $2.4 billion, and net income jumped 11.3%, to $12.6 million.
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