Belk completes Parisian acquisition
October 3, 2006-- Home Textiles Today,
Charlotte , N.C. – Belk Inc. has completed the purchase of Parisian from Saks Inc. for about $285 million in cash. The Parisian division consists of 38 Parisian stores, a 125,000-square-foot administrative/headquarters facility in Birmingham , and an 180,000-square-foot distribution center located in Steele , Ala.
Over the last 15 months, Saks has divested two other divisions – Proffitt’s/McRae’s and the Northern Department Store Group – which together with the Parisian sale have generated about $2.0 billion.
Tim Belk, chairman and ceo of Belk, Inc., called the buy “a great strategic fit for Belk that will strengthen our competitive advantage in many key markets and substantially expand our customer base.” Store integration is expected to take approximately 24 months and the company plans to re-brand the acquired stores as Belk in the third quarter of 2007.
The Parisian purchase makes Belk the largest privately owned department store company in the United States , with 276 Belk stores and 38 Parisian stores in 19 states.
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