Saks Sells Parisian To Belk

A Columbus department store will soon get a new owner.  Saks said it will sell its 38-store Parisian chain to Belk for 285 million dollars in cash.

Parisian, which has a location at Columbus' Peachtree Mall, had revenues of about 723 (m) million dollars last year.

Belk already has locations in Auburn and LaGrange.

Besides the stores, the Charlotte, North Carolina-based Belk will get the Parisian headquarters building in Birmingham and a 180-thousand-square-foot warehouse.

Saks has been selling its slower-growing segments since last year. The company sold its Proffitt's and McRae's divisions to Belk last year and Bon-Ton purchased is Northern Department Store Group in March.

After the deal, Saks will operate 54 Saks Fifth Avenue Stores, 50 Saks Off 5th stores and 62 Club Libby Lu stores.

Belk is the nation's largest privately-owned department store chain, with 277 stores in 16 Southeastern states.

Help with this story from the Associated Press