Belk completes Parisian acquisition

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.

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 Current issue for September 2017

See the September 2017 issue of Home & Textiles Today. In this issue, we look at the Attack of the Killer Third Tier: Monster off-pricers are climbing to the top of the food chain, plus New Products: 40 pages of new products debuting at the New York Home Fashions Market; Home Stores: TJX unveils first U.S. HomeSense store; Clicks to Bricks: Boll & Branch moves from digital to physical retailing; and much more... See details!