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Today, Saks Incorporated operates Saks Fifth Avenue stores, OFF Fifth stores, and saks.com. The Company also operates specialty store chain Club Libby Lu.
They began as Proffitt's, Inc. with just five Proffitt's stores in metropolitan Knoxville, Tennessee. Proffitt's, Inc. became a public company in June 1987. From 1994 to 1998, they added McRae's, Parisian, Younkers, Herberger's, and Carson Pirie Scott & Co. (which included Bergner's and Boston Store) as well as 32 additional stores from Lovemans, Hess, Parks-Belk, and Brody's, which were converted into existing store nameplates.
Becoming Saks Incorporated
In September of 1998, Proffitt's, Inc. and Saks Holdings, Inc. completed a merger transaction where Saks Fifth Avenue and OFF 5TH outlet stores became a division of Proffitt's, Inc., and their corporate name of Proffitt's, Inc. was changed to Saks Incorporated. The stock began trading on the New York Stock Exchange under the symbol SKS on September 18, 1998.
Growth and Development
They acquired Club Libby Lu, a specialty store focusing on "tween" age girls, in May 2003. The mission of Club Libby Lu was to create a spontaneous environment that encourages girls to express their imagination and individuality.
To create value for their shareholders, they sold their Proffitt's and McRae's businesses to Belk, Inc. on July 5, 2005, their Northern Department Store Group (operating under the Carson Pirie Scott, Bergner's, Boston Store, Herberger's, and Younkers nameplates) to The Bon-Ton Stores, Inc. on March 6, 2006, and their Parisian business to Belk, Inc. on October 2, 2006.
The Company generated approximately $2.0 billion in cash from the sales of its department store businesses, and used the proceeds to purchase Company stock, pay a special cash dividend to shareholders, and substantially reduce debt. Today, they operate Saks Fifth Avenue, Saks OFF 5TH, and saks.com. They also continue to operate Club Libby Lu.
Saks Fifth Avenue History
OFF 5TH History
Club Libby Lu History
In July 2013, Saks Fifth Avenue announced that they agreed to be sold to Hudson's Bay.
ML10507 & 102915
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