Belk inks deal with Saks Incorporated to buy Parisian department stores
02 Aug '06
3 min read
Belk will enter into a transition services agreement with Saks Incorporated to provide certain support services for the acquired Parisian stores, including information technology, credit services and other back-office functions for a limited period of time.
The company will continue to operate the Parisian corporate offices and distribution center for a transition period anticipated through March 2007. During that time, associates in these locations will either be offered positions with Belk or will be given appropriate severance packages.
The Parisian stores to be acquired by Belk are located in: Alabama - Birmingham (2 stores), Decatur, Dothan, Florence, Gadsden, Homewood, Hoover, Huntsville (2 stores), Mobile, Montgomery, Trussville (opening fall 2006), Tuscaloosa; Arkansas - Little Rock (opening fall 2006); Florida - Jacksonville, Pensacola, Tallahassee; Georgia - Alpharetta, Atlanta (2 stores), Columbus, Douglasville, Duluth, Kennesaw, Lithonia, Macon; Indiana - Indianapolis (2 stores); Michigan - Livonia, Rochester Hills; Mississippi - Tupelo; Ohio - Beavercreek, Cincinnati; South Carolina - Charleston, Columbia; Tennessee - Chattanooga, Collierville, Franklin, Knoxville.
Belk purchased 47 Proffitt's and McRae's department stores from Saks Incorporated in July 2005, and subsequently converted and re-branded 38 of these stores to Belk in March 2006.
Charlotte N.C.-based Belk Inc is the nation's largest privately-owned department store company with 277 stores located in 16 states in the Southeast and Mid-Atlantic regions and fiscal 2006 sales of $2.97 billion. Founded by William Henry Belk in 1888 in Monroe, N.C., it is now in its third generation of Belk family leadership.
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