Saks is Breaking Up

Saks Inc. (Birmingham, Ala.) has said it is selling its Proffitt’s and McRae’s regional department store brands to Belk Inc. (Charlotte, N.C.) for $622 million.

Saks said it is still mulling options for its other regional department store brands: Parisian, Younkers, Carson Pirie Scott, Herberger’s, Boston Store and Bergner’s, mostly across the northern United States.

Upon completion of the transaction, which has been approved by the boards of directors of both companies, Belk will operate a total of 275 stores in 14 states with an estimated annual sales volume of $3.15 billion.