12/21/04 — Proffitt's to sell Goldsboro store to Belk

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Proffitt's to sell Goldsboro store to Belk

By Sam Atkins
Published in News on December 21, 2004 1:59 PM

Saks Inc., the corporate owner of Proffitt's, has signed a letter of intent to sell its Goldsboro store to Belk.

Julia Bentley with Saks Inc. said the agreement is not yet final and more details will be available within the next few weeks.

The plans are to continue operating the Proffitt's stores in Greenville, Rocky Mount, Kinston and Goldsboro through the end of February. Then the leases, store fixtures and equipment will be transferred to Belk. Belk will announce its plans for the stores later, she said.

"The decision is consistent with our strategy of rationalizing our real estate portfolio to focus our resources on our most productive locations," said Ms. Bentley. "These stores were not meeting our profitability standards."

All affected employees will be offered transfer opportunities to other Proffitt's/ McRae's stores, will be given opportunities to interview for open store positions with Belk or will receive severance packages, she added.

Proffitt's opened in Berkeley Mall in 1998. The Goldsboro store manager would not comment on the sale.

Saks Inc. operates its Saks Department Store Group with 241 department stores under the names of Parisian, Proffitt's, McRae's, Younkers, Herberger's, Carson Pirie Scott, Bergner's, Boston Store and 38 mall-based Club Libby Lu specialty stores, according to its Web site.