Department store Retailer Saks Incorporated announced results for the third quarter and nine months ended October 29, 2005.
The Company operates two business segments, Saks Department Store Group ('SDSG') and Saks Fifth Avenue Enterprises ('SFAE').
SDSG consists of department stores under the Younkers, Herberger's, Carson Pirie Scott, Bergner's, and Boston Store nameplates (collectively the 'Northern Department Store Group' or 'NDSG'); Parisian specialty department stores; and Club Libby Lu specialty stores.
On October 31, 2005, the Company announced it had agreed to sell NDSG to The Bon-Ton Stores Inc for $1.1 billion in cash plus the assumption of approximately $85 million of liabilities.
The Company expects to complete this transaction early in the first fiscal quarter of 2006.
SFAE is comprised of Saks Fifth Avenue luxury department stores, Saks Off 5th outlet stores, and saks.com
Saks Incorporated operates Saks Fifth Avenue Enterprises (SFAE), which consists of 55 Saks Fifth Avenue stores, 50 Saks Off 5th stores, and saks.com.
The Company also operates its Saks Department Store Group (SDSG) with 40 Parisian stores; 142 Younkers, Herberger's, Carson Pirie Scott, Bergner's, and Boston Store stores (collectively known as the Northern Department Store Group or 'NDSG'); and 56 Club Libby Lu specialty stores.
On October 31, 2005, the Company announced it had reached an agreement to sell NDSG to The Bon-Ton Stores Inc for $1.185 billion in a transaction expected to close early in the first fiscal quarter of 2006. The Company is exploring strategic alternatives for Club Libby Lu.
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