Saks Seeks to Sell Parisian
New York City, The shedding of brands at Saks Inc. may soon include a sale of the 40-unit Parisian division, which the company put up for sale on Monday. Saks Inc. in July sold Proffitt’s/McRae’s to Belk Inc. for $623 million. Saks also hopes to close soon on a $1.85 billion bid to sell its Northern Department Stores Group, which includes Carson Pirie Scott & Co. and Berngner’s, to Bon-Ton Stores.
Parisian is on pace to a record $700 million in sales this year. If it is sold, Saks would be left with 55 Saks Fifth Avenue stores, 50 Saks Off 5th outlet stores and saks.com. The chain also operates 58 Club Libby Liu stores.
As part of the plan to restructure, Saks named Stephen Sadove, vice chairman and COO, to the position of chief executive of the company. He replaces 16-year veteran R. Brad Martin, who will hold on to his chairman post until the end of the 2006 fiscal year.