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.
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.
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