Saks Break-up May Be in Works
New York City, Shares of Saks Inc. jumped today on media reports and market speculation that it was looking into breaking up its businesses. Saks is rumored to be considering the separation of its upscale Saks Fifth Avenue stores from its moderate department store division. Women Wear’s Daily reported today that the company is looking for buyers for the 235-unit group, with Belk Inc. as a leading suitor.
The paper said Dillard’s, Bon-Ton Stores, J.C. Penney and Sears Holding Corp., as well as the private equity firms Blackstone Group and Apollo Advisors, might also be interested.