Saks Selling Parisian for $285M

(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)

BIRMINGHAM, AL-Saks Inc. is selling the 38-unit Parisian department-store chain to Belk Inc. for $285 million. The deal, expected by the management of both companies to close in the third quarter, marks Saks’ departure from owning regional chains as executives aim to concentrate on their flagship Saks Fifth Avenue business.

This is not the first major transaction between locally based Saks and Belk, of Charlotte, NC. In April 2005, Belk Inc. acquired 25 McRae’s and 22 Proffitt’s department stores, all in the Midwest and Southeast, from Saks for $622 million. Upon the completion of the Parisian deal, Belk will operate a total of 315 units.