/ Source: The Associated Press
Saks Inc. on Friday said it is selling its Proffitt’s and McRae’s department stores to retailer Belk Inc. for $622 million as it mulls options for its stores across the northern United States.
The company, which reportedly made plans last week to shed it mid-price stores in two geographic clusters, also said it will hold onto its Parisian stores and continue operating Saks Fifth Avenue, Saks Off 5th and Web site Saks.com.
Privately-held Belk Inc. is based in Charlotte, N.C.