CHARLOTTE, N.C., Aug. 2 (UPI) -- Belk Inc., of Charlotte, N.C., is buying Saks Inc.'s specialty Parisian store business for $285 million in cash.
The deal gets Belk 38 Parisian stores, a 125,000-square-foot administrative headquarters facility in Birmingham, Ala., and an 180,000-square-foot distribution center located in Steele, Ala., Belk said Wednesday.
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The 38 stores being sold represent 4.6 million gross square feet and are located throughout nine Southeastern and Midwestern states. Parisian generated 2005 revenues of approximately $723 million.