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August 02, 2006
Belk Buys Parisian From Saks
Saks sold its 38-store Parisian chain to Belk for $285 million in stock as part of continued efforts to shed its non-core businesses.
Saks also sold its Proffitt's and McRae's divisions to Belk last year. The Birmingham-based company will now focus on its Saks Fifth Avenue, Club Libby Lu and Saks Off Fifth stores.
Belk, based in Charlotte, N.C., said it plans to turn the chain into Belk stores over the next 18 months, further strengthening its position in the South.
Posted by Blacks on August 2, 2006 09:34 AM
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