Saks sells off nine stores

BIRMINGHAM, AL -Saks Inc. has agreed to sell nine department stores and related assets to The May Department Stores Company for approximately $310 million, closing the deal in March.

The properties include five Proffitt's stores in Nashville, TN; a McRae's store in Baton Rouge, LA; and three Parisian stores in Baton Rouge and Lafayette, LA, and Orlando, FL. These stores were acquired from Dillard's Department Stores in fall 1998.

May plans to briefly close the eight Tennessee and Louisiana stores before reopening them as Hecht's stores in Tennessee and Foley's stores in Louisiana. The Orlando store will be remodeled and reopen as a Lord & Taylor in February 2002.

Saks will use the proceeds from the sale to reduce debt and, to a lesser degree, to repurchase equity.

"The sale of these stores is consistent with our strategy of rationalizing our store base and our asset base in a fashion that creates a higher-growth, higher-margin, value-creating department store business," said Brad Martin, chairman and ceo of Saks.

After completion of the transaction, Saks' department store group will have a total of 243 store locations.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Featured Video

  • Live From New York: Fashion Comes Across the Pond

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.

CURRENT ISSUE

HTT Cover October 2017

See the October 2017 issue of Home & Textiles Today. In this issue, we look at the Top 25 Online Retailers.  H&TT's exclusive annual ranking of the biggest online sellers of home textiles finds that while pure play etailers continue to fly, bricks & clicks are digging into omnichannel. See details!