Saks Completes Sale of Proffitt’s/McRae’s to Belk

Birmingham, Ala., Saks Inc. has completed the sale of its Proffitt’s/McRae’s unit to Belk Inc. The transaction is valued at $622 million in cash, plus the assumption of about $1 million in capitalized lease obligations and other liabilities.

The transaction includes the assets of 22 Proffitt’s stores and 25 McRae’s stores across 11 Southeastern states. The stores had combined annual revenues of $700 million last year.