Thursday, August 3, 2006
© Copyright 2014
Gwinnett Daily Post
The Assoicated Press
BIRMINGHAM, Ala. - Saks Inc. said Wednesday it has agreed to sell its Parisian specialty department store chain to Belk Inc. for $285 million in cash, a move that will allow the high-end retailer to focus on its core luxury business.
Under terms of the deal, Belk will acquire assets comprising real estate, operating leases and inventory from 38 Parisian stores, along with a headquarters building and a distribution center, both located in Alabama.
Parisian operates nine Georgia stores, including ones at Gwinnett Place Mall in Duluth and the Mall at Stonecrest in Lithonia. A message was left at Belk headquarters.
The Parisian sale is the latest asset sale for Saks, which has been shedding its mid-brow regional department store chains over the past year. In January, Saks said it was exploring strategic options for Parisian, which operates department stores in nine states in the Southeast and Midwest, and had revenue of about $723 million last year.