Proffitt's
Encyclopedia
Proffitt's was a department store chain based in Alcoa, Tennessee
. On March 8, 2006, the Proffitt's and McRae's
stores were converted into Belk
stores. Belk acquired the two chains in July 2005 from Saks Incorporated
.
, Tennessee
, in 1919. The first store had seven departments: ladies ready-to-wear, ladies accessories, millinery, men's shoes, dry goods, and bargain basement. Ellis sold his share of the company to Proffitt in 1921 due to illness. The company expanded by opening its second store in Athens, Tennessee
in 1936. In the 1960s, the Maryville
store moved from downtown to Midland Plaza in Alcoa
.
In 1982 the store relocated again to Foothills Mall
in Maryville
where 2 stores remained until the Belk acquisition, one for Women and the other for Men, Kids, and Home. A warehouse and distribution center opened in Maryville
in 1970. A location in Knoxville
opened in 1972 in West Town Mall
with an Oak Ridge
store following in 1974. A second Knoxville
store was added in 1984 at East Towne Mall (now Knoxville Center
). In 1984, the company had four stores and annual sales of $40 million.
For the first 65 years of its existence, the company was a family-owned business, but in 1984 it was acquired by RBM Acquisition Co., led by R. Brad Martin.
market under the symbol PRFT. The West Town Mall
location in Knoxville was expanded to 122000 square feet (11,334.2 m²) later that year making it the largest store in the chain. Proffitt's purchased the Chattanooga based Loveman's Department Store adding four Chattanooga stores and one in Dalton, Georgia
, its first location outside of Tennessee.
In 1989, a new 80000 square feet (7,432.2 m²) store opened in Biltmore Square Mall
in Asheville, North Carolina in 1989, bringing the total stores to eleven. The years 1992 and 1993 saw a number of acquisitions, making Proffitt's one of the fastest growing retailers in the US. During that time, the company purchased 18 Hess's
locations in Tennessee, Virginia, Kentucky, and Georgia. Some of these locations were formerly Miller's of Tennessee stores. This added new stores in Rome, Georgia
; Elizabethtown
and Ashland, Kentucky
; Bristol, Virginia
; and Kingsport
and Johnson City, Tennessee
. In fall 1992, shortly before the Hess's purchase was completed, a new Proffitt's store opened in The Mall at Johnson City in the company's entry into the Tri-Cities market. The Hess's purchase led to a dual-store format in the mall, similar to the one in the Foothills Mall in Maryville. In Johnson City, once the Hess's store was vacated and renovated, the Men's and Home Stores were moved to that building, leaving Women's and Children's in the newly constructed Proffitt's building.
based McRae's
chain in 1994. The McRae's stores, unlike the previous acquisitions, continued to operate under their nameplate and operational division. In 1995, Proffitt's purchased Parks-Belk, an independently owned affiliate of Charlotte, North Carolina
based Belk
, Inc. This purchase gave Proffitt's a presence for the first time in Greeneville, Tennessee
, and gave the company an additional store in each mall in Kingsport
and Johnson City
. A Parks-Belk location in Morristown, Tennessee
was part of the deal, but the store was closed instead of being converted to a Proffitt's. The Johnson City Proffitt's was already operating under the dual-location concept and this gave the company three stores in the same mall. The former Hess's store (now home to Forever 21
, formerly Goody's Family Clothing
) which housed the Men's and Home Store was vacated and relocated to the former Belk site along with the Children's department. This move created the largest Proffitt's Men's Store in the company and allowed the Women's department its own store. The former Hess store in the Fort Henry Mall in Kingsport
was transformed into the largest Proffitt's Home Store, with all other departments remaining in the former Parks-Belk location. Proffitt's would later open stores in Spartanburg, South Carolina
, Morgantown
and Parkersburg, WV
, and they would eventually build a new store at College Square Mall
in Morristown, Tennessee
.
of Des Moines, Iowa
, were both acquired in 1996 and retained their names and operating units. Herberger's
was purchased in 1997 and kept its nameplate. In the same year the company moved from the NASDAQ to the New York Stock Exchange
and began trading under the PFT symbol. The company purchased the Carson Pirie Scott
chain in 1998 which also consisted of Boston Store
and Bergner's
and they continued to operated those store under their respective names. Later in 1998, the company purchased North Carolina based Brody's
and those stores were converted to the Proffitt's name. 1998 also saw Proffitt's acquire a group of 15 stores from Dillard's
after its buyout of Mercantile Stores
. Five former Castner Knott
store in Nashville, Tennessee were renamed Proffitt's, but sold in 2001 to May Department Stores
after proving marginally profitable under Proffitt's management. The former Brody's stores were sold to Belk
in 2004. Also, in 2004, Proffitt's opened a store in Alabama
at the Riverchase Galleria
in the Birmingham
suburb of Hoover
in the location vacated by Macy's. The Carson Pirie Scott, Bergner's, Boston Store, Herberger's, and Younkers names were eventually sold to Bon-Ton Stores on March 6, 2006.
. Upon closing of the acquisition the company name changed to Saks Incorporated
and its NYSE ticker symbol changed to SKS.
. The only exceptions were two Alabama McRae's stores in Tuscaloosa and Gadsden, which were retained to convert into Parisian locations. On October 2, 2006, the Parisian unit was sold to Belk and these two locations converted to Belk stores almost a year after the purchase.
Alcoa, Tennessee
Alcoa is a city in Blount County, Tennessee, United States, south of Knoxville. Its population was 7,744 at the 2000 census. It is part of the Knoxville, Tennessee Metropolitan Statistical Area....
. On March 8, 2006, the Proffitt's and McRae's
McRae's
McRae's was a mid-range regional department store chain founded and based in Jackson, Mississippi, with locations in Mississippi, Alabama, Louisiana, and Florida. The nameplate was in existence for more than a century.-History:...
stores were converted into Belk
Belk
Belk is a department store chain founded in 1888 in Monroe, North Carolina, today part of the Charlotte metropolitan area. After the founding of the first Belk store, the company grew in size and influence throughout the South via the chain in the USA, with its stores primarily located in the...
stores. Belk acquired the two chains in July 2005 from Saks Incorporated
Saks Incorporated
Saks Incorporated , founded in Birmingham, Alabama in 1998, is headquartered in New York City, New York, and is a Fortune 1000 operator of high-end department stores in the United States under the nameplate Saks Fifth Avenue. Saks evolved from Proffitt's Inc. after Proffitt's changed its name in...
.
Beginnings
Jeweler David W. Proffitt and James Ellis founded the Ellis-Proffitt Co. on Main Street in downtown MaryvilleMaryville, Tennessee
Maryville is the county seat of Blount County, Tennessee, in the Southeastern United States. The city is located south of Knoxville. Maryville's population was 27,258 at the 2010 census. It is included in the Knoxville Metropolitan Area. Maryville has received a number of accolades for its...
, Tennessee
Tennessee
Tennessee is a U.S. state located in the Southeastern United States. It has a population of 6,346,105, making it the nation's 17th-largest state by population, and covers , making it the 36th-largest by total land area...
, in 1919. The first store had seven departments: ladies ready-to-wear, ladies accessories, millinery, men's shoes, dry goods, and bargain basement. Ellis sold his share of the company to Proffitt in 1921 due to illness. The company expanded by opening its second store in Athens, Tennessee
Athens, Tennessee
Athens is a city in McMinn County, Tennessee, United States. It is the county seat of McMinn County and the principal city of the Athens Micropolitan Statistical Area, which is part of the larger Chattanooga-Cleveland-Athens Combined Statistical Area. The population was 13,220 at the 2000...
in 1936. In the 1960s, the Maryville
Maryville, Tennessee
Maryville is the county seat of Blount County, Tennessee, in the Southeastern United States. The city is located south of Knoxville. Maryville's population was 27,258 at the 2010 census. It is included in the Knoxville Metropolitan Area. Maryville has received a number of accolades for its...
store moved from downtown to Midland Plaza in Alcoa
Alcoa, Tennessee
Alcoa is a city in Blount County, Tennessee, United States, south of Knoxville. Its population was 7,744 at the 2000 census. It is part of the Knoxville, Tennessee Metropolitan Statistical Area....
.
In 1982 the store relocated again to Foothills Mall
Foothills Mall (Tennessee)
Foothills Mall is an indoor regional shopping mall located in Maryville, Tennessee. Foothills Mall features approximately 70 stores and restaurants...
in Maryville
Maryville, Tennessee
Maryville is the county seat of Blount County, Tennessee, in the Southeastern United States. The city is located south of Knoxville. Maryville's population was 27,258 at the 2010 census. It is included in the Knoxville Metropolitan Area. Maryville has received a number of accolades for its...
where 2 stores remained until the Belk acquisition, one for Women and the other for Men, Kids, and Home. A warehouse and distribution center opened in Maryville
Maryville, Tennessee
Maryville is the county seat of Blount County, Tennessee, in the Southeastern United States. The city is located south of Knoxville. Maryville's population was 27,258 at the 2010 census. It is included in the Knoxville Metropolitan Area. Maryville has received a number of accolades for its...
in 1970. A location in Knoxville
Knoxville, Tennessee
Founded in 1786, Knoxville is the third-largest city in the U.S. state of Tennessee, U.S.A., behind Memphis and Nashville, and is the county seat of Knox County. It is the largest city in East Tennessee, and the second-largest city in the Appalachia region...
opened in 1972 in West Town Mall
West Town Mall
West Town Mall is an upscale shopping mall located in Knoxville, Tennessee, United States. Opened in August 1972, this one-level mall is located in the western portion of Knoxville in the West Hills community. West Town Mall is located along Interstates 40/75 and Kingston Pike...
with an Oak Ridge
Oak Ridge, Tennessee
Oak Ridge is a city in Anderson and Roane counties in the eastern part of the U.S. state of Tennessee, about west of Knoxville. Oak Ridge's population was 27,387 at the 2000 census...
store following in 1974. A second Knoxville
Knoxville, Tennessee
Founded in 1786, Knoxville is the third-largest city in the U.S. state of Tennessee, U.S.A., behind Memphis and Nashville, and is the county seat of Knox County. It is the largest city in East Tennessee, and the second-largest city in the Appalachia region...
store was added in 1984 at East Towne Mall (now Knoxville Center
Knoxville Center
Knoxville Center, formerly East Towne Mall; located in Knoxville, Tennessee, is a super-regional shopping mall serving the Knoxville metropolitan area. The mall opened in 1984, and is located at Exit 8 on Interstate 640...
). In 1984, the company had four stores and annual sales of $40 million.
For the first 65 years of its existence, the company was a family-owned business, but in 1984 it was acquired by RBM Acquisition Co., led by R. Brad Martin.
Going public
Proffitt's Inc. went public on July 3, 1987 on the NASDAQNASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
market under the symbol PRFT. The West Town Mall
West Town Mall
West Town Mall is an upscale shopping mall located in Knoxville, Tennessee, United States. Opened in August 1972, this one-level mall is located in the western portion of Knoxville in the West Hills community. West Town Mall is located along Interstates 40/75 and Kingston Pike...
location in Knoxville was expanded to 122000 square feet (11,334.2 m²) later that year making it the largest store in the chain. Proffitt's purchased the Chattanooga based Loveman's Department Store adding four Chattanooga stores and one in Dalton, Georgia
Dalton, Georgia
Dalton is a city in Whitfield County, Georgia, United States. It is the county seat of Whitfield County and the principal city of the Dalton, Georgia Metropolitan Statistical Area, which encompasses all of both Murray and Whitfield counties. As of the 2010 census, the city had a population of 33,128...
, its first location outside of Tennessee.
In 1989, a new 80000 square feet (7,432.2 m²) store opened in Biltmore Square Mall
Biltmore Square Mall
Biltmore Square Mall is a mall located just off I-26 on Brevard Road in Asheville, North Carolina. It has two anchors: Belk and Dillard's Clearance Center...
in Asheville, North Carolina in 1989, bringing the total stores to eleven. The years 1992 and 1993 saw a number of acquisitions, making Proffitt's one of the fastest growing retailers in the US. During that time, the company purchased 18 Hess's
Hess's
Hess's was a department store chain based in Allentown, Lehigh County, Pennsylvania in the United States.- History :The department store known as Hess Brothers was founded on February 19, 1897, by Charles and Max Hess. Max Hess came to Allentown in 1896 on a business trip and envisioned a...
locations in Tennessee, Virginia, Kentucky, and Georgia. Some of these locations were formerly Miller's of Tennessee stores. This added new stores in Rome, Georgia
Rome, Georgia
Located in the foothills of the Appalachian Mountains, Rome is the largest city and the county seat of Floyd County, Georgia, United States. It is the principal city of the Rome, Georgia Metropolitan Statistical Area which encompasses all of Floyd County...
; Elizabethtown
Elizabethtown, Kentucky
Elizabethtown is a city in and the county seat of Hardin County, Kentucky, United States. The population was 28,531 at the 2010 census, making it the eleventh-largest city in the state...
and Ashland, Kentucky
Ashland, Kentucky
Ashland, formerly known as Poage Settlement, is a city in Boyd County, Kentucky, United States, nestled along the banks of the Ohio River. The population was 21,981 at the 2000 census. Ashland is a part of the Huntington-Ashland, WV-KY-OH, Metropolitan Statistical Area . As of the 2000 census, the...
; Bristol, Virginia
Bristol, Virginia
Bristol is an independent city in Virginia, United States, bounded by Washington County, Virginia, Bristol, Tennessee, and Sullivan County, Tennessee....
; and Kingsport
Kingsport, Tennessee
Kingsport is a city located mainly in Sullivan County with some western portions in Hawkins County in the US state of Tennessee. The majority of the city lies in Sullivan County...
and Johnson City, Tennessee
Johnson City, Tennessee
Johnson City is a city in Carter, Sullivan, and Washington counties in the U.S. state of Tennessee, with most of the city being in Washington County...
. In fall 1992, shortly before the Hess's purchase was completed, a new Proffitt's store opened in The Mall at Johnson City in the company's entry into the Tri-Cities market. The Hess's purchase led to a dual-store format in the mall, similar to the one in the Foothills Mall in Maryville. In Johnson City, once the Hess's store was vacated and renovated, the Men's and Home Stores were moved to that building, leaving Women's and Children's in the newly constructed Proffitt's building.
Acquisitions of McRae's and Parks-Belk
Proffitt's purchased the Jackson, MississippiJackson, Mississippi
Jackson is the capital and the most populous city of the US state of Mississippi. It is one of two county seats of Hinds County ,. The population of the city declined from 184,256 at the 2000 census to 173,514 at the 2010 census...
based McRae's
McRae's
McRae's was a mid-range regional department store chain founded and based in Jackson, Mississippi, with locations in Mississippi, Alabama, Louisiana, and Florida. The nameplate was in existence for more than a century.-History:...
chain in 1994. The McRae's stores, unlike the previous acquisitions, continued to operate under their nameplate and operational division. In 1995, Proffitt's purchased Parks-Belk, an independently owned affiliate of Charlotte, North Carolina
Charlotte, North Carolina
Charlotte is the largest city in the U.S. state of North Carolina and the seat of Mecklenburg County. In 2010, Charlotte's population according to the US Census Bureau was 731,424, making it the 17th largest city in the United States based on population. The Charlotte metropolitan area had a 2009...
based Belk
Belk
Belk is a department store chain founded in 1888 in Monroe, North Carolina, today part of the Charlotte metropolitan area. After the founding of the first Belk store, the company grew in size and influence throughout the South via the chain in the USA, with its stores primarily located in the...
, Inc. This purchase gave Proffitt's a presence for the first time in Greeneville, Tennessee
Greeneville, Tennessee
Greeneville is a town in Greene County, Tennessee, United States. The population was 15,198 at the 2000 census. It is the county seat of Greene County. The town was named in honor of Revolutionary War hero Nathanael Greene. It is the only town with this spelling in the United States, although there...
, and gave the company an additional store in each mall in Kingsport
Kingsport, Tennessee
Kingsport is a city located mainly in Sullivan County with some western portions in Hawkins County in the US state of Tennessee. The majority of the city lies in Sullivan County...
and Johnson City
Johnson City, Tennessee
Johnson City is a city in Carter, Sullivan, and Washington counties in the U.S. state of Tennessee, with most of the city being in Washington County...
. A Parks-Belk location in Morristown, Tennessee
Morristown, Tennessee
Morristown is a city in, and the county seat of, Hamblen County, Tennessee, United States. The population was 29,137 at the 2010 United States Census. It is the principal city of the Morristown, Tennessee Metropolitan Statistical Area, which encompasses all of Grainger, Hamblen and Jefferson counties...
was part of the deal, but the store was closed instead of being converted to a Proffitt's. The Johnson City Proffitt's was already operating under the dual-location concept and this gave the company three stores in the same mall. The former Hess's store (now home to Forever 21
Forever 21
Forever 21 is an American chain of clothing retailers with branches in major cities in The United States, Puerto Rico, Canada, Europe, Asia, and the Middle East that offers fashion and accessories for young women and men....
, formerly Goody's Family Clothing
Goody's Family Clothing
Goody's is a brand used for some clothing stores operated by Stage Stores, Inc., of Houston, Texas. It is a successor to Goody's Family Clothing, a chain of clothing retailers based in Knoxville, Tennessee...
) which housed the Men's and Home Store was vacated and relocated to the former Belk site along with the Children's department. This move created the largest Proffitt's Men's Store in the company and allowed the Women's department its own store. The former Hess store in the Fort Henry Mall in Kingsport
Kingsport, Tennessee
Kingsport is a city located mainly in Sullivan County with some western portions in Hawkins County in the US state of Tennessee. The majority of the city lies in Sullivan County...
was transformed into the largest Proffitt's Home Store, with all other departments remaining in the former Parks-Belk location. Proffitt's would later open stores in Spartanburg, South Carolina
Spartanburg, South Carolina
thgSpartanburg is the largest city in and the county seat of Spartanburg County, South Carolina, United States. It is the second-largest city of the three primary cities in the Upstate region of South Carolina, and is located northwest of Columbia, west of Charlotte, and about northeast of...
, Morgantown
Morgantown, West Virginia
Morgantown is a city in Monongalia County, West Virginia. It is the county seat of Monongalia County. Placed along the banks of the Monongahela River, Morgantown is the largest city in North-Central West Virginia, and the base of the Morgantown metropolitan area...
and Parkersburg, WV
Parkersburg, West Virginia
As of the census of 2000, there were 33,099 people, 14,467 households, and 8,767 families residing in the city. In 2006 the U.S. Census Bureau estimated that Parkersburg's population had decreased 4.4% to 31,755. The population density was 2,800.5 people per square mile . There were 16,100 housing...
, and they would eventually build a new store at College Square Mall
College Square Mall
College Square is an indoor regional shopping mall located in Morristown, Tennessee.College Square is owned and managed by CBL & Associates. It features approximately 70 stores and restaurants including Carmike College Square Cinemas 12....
in Morristown, Tennessee
Morristown, Tennessee
Morristown is a city in, and the county seat of, Hamblen County, Tennessee, United States. The population was 29,137 at the 2010 United States Census. It is the principal city of the Morristown, Tennessee Metropolitan Statistical Area, which encompasses all of Grainger, Hamblen and Jefferson counties...
.
Acquisitions of Parisian, Younkers and Carson Pirie Scott
Birmingham, Alabama, based Parisian and YounkersYounkers
Younkers is an American department store chain founded as a family-run dry goods business in 1856 in Keokuk, Iowa. The retailer has since evolved over more than 150 years to include a presence in locations throughout Iowa and surrounding states in the Midwest region of the United States...
of Des Moines, Iowa
Des Moines, Iowa
Des Moines is the capital and the most populous city in the US state of Iowa. It is also the county seat of Polk County. A small portion of the city extends into Warren County. It was incorporated on September 22, 1851, as Fort Des Moines which was shortened to "Des Moines" in 1857...
, were both acquired in 1996 and retained their names and operating units. Herberger's
Herberger's
Herberger's is a regional department store chain founded in 1927 in Osakis, Minnesota, United States. Herberger's operates 41 stores in nine states; more than one third of them are in Minnesota, where the chain maintained its headquarters for much of its history...
was purchased in 1997 and kept its nameplate. In the same year the company moved from the NASDAQ to the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
and began trading under the PFT symbol. The company purchased the Carson Pirie Scott
Carson Pirie Scott
Carson Pirie Scott & Co., known informally as Carson's, is an upscale chain of department stores that have been in business for over 150 years. Their product price points are targeted to the moderate-to-upscale shopper...
chain in 1998 which also consisted of Boston Store
Boston Store
-History:The Boston Store is mentioned in Theodore Dreiser's "Sister Carrie" published in 1900 and Carl Sandburg's Mamie, part of his 1916 Chicago Poems collection....
and Bergner's
Bergner's
Bergner's is a major department store in central and northern Illinois, established in 1889 in Peoria, Illinois, and offering mid-line to higher end merchandise in their largest stores. The current flagship store is located in Peoria at The Shoppes at Grande Prairie.-Beginnings:Bergner's was...
and they continued to operated those store under their respective names. Later in 1998, the company purchased North Carolina based Brody's
Brody's
Brody Brothers Dry Goods Company, Inc., more commonly referred to as Brody's, was an upscale fashion merchandise chain formerly headquartered in Greenville, North Carolina, with branch stores located in eastern North Carolina...
and those stores were converted to the Proffitt's name. 1998 also saw Proffitt's acquire a group of 15 stores from Dillard's
Dillard's
Dillard's, Inc. is a department store chain in the United States, with 330 stores in 29 states. Headquartered in Little Rock, Arkansas, Dillard's locations are concentrated in Texas and Florida; with a major presence in other states including Arizona, Iowa, Colorado, Wyoming, Kansas, Missouri,...
after its buyout of Mercantile Stores
Mercantile Stores
Mercantile Stores Company Inc. until 1998, was a traditional department store retailer operating 102 fashion apparel stores and 16 home fashion stores in 17 states. The stores were operated under 13 different nameplates and varied in size, with the average store approximating . Store names...
. Five former Castner Knott
Castner Knott
Castner Knott Company was a Nashville, Tennessee-based regional department store chain. The chain was in business for a century from 1898 to 1998, in its later years as a division of Mercantile Stores Company....
store in Nashville, Tennessee were renamed Proffitt's, but sold in 2001 to May Department Stores
May Department Stores
The May Department Stores Company was a national department store chain in the United States, founded in 1877 by David May. The company ceased to exist in 2005 when it was merged with Federated Department Stores, Inc . Prior to the merger it was headquartered in Downtown St. Louis, Missouri...
after proving marginally profitable under Proffitt's management. The former Brody's stores were sold to Belk
Belk
Belk is a department store chain founded in 1888 in Monroe, North Carolina, today part of the Charlotte metropolitan area. After the founding of the first Belk store, the company grew in size and influence throughout the South via the chain in the USA, with its stores primarily located in the...
in 2004. Also, in 2004, Proffitt's opened a store in Alabama
Alabama
Alabama is a state located in the southeastern region of the United States. It is bordered by Tennessee to the north, Georgia to the east, Florida and the Gulf of Mexico to the south, and Mississippi to the west. Alabama ranks 30th in total land area and ranks second in the size of its inland...
at the Riverchase Galleria
Riverchase Galleria
Riverchase Galleria, locally known as The Galleria, is a large super–regional shopping mall in the Birmingham suburb of Hoover, Alabama. It is the 25th largest shopping mall in the United States...
in the Birmingham
Birmingham, Alabama
Birmingham is the largest city in Alabama. The city is the county seat of Jefferson County. According to the 2010 United States Census, Birmingham had a population of 212,237. The Birmingham-Hoover Metropolitan Area, in estimate by the U.S...
suburb of Hoover
Hoover, Alabama
Hoover is a city in Jefferson and Shelby Counties in north central Alabama, in the United States. The largest suburb of Birmingham, the population of the city was 62,742 as of the 2000 census and 81,619 in the 2010 census. Hoover is part of the Birmingham-Hoover, AL MSA and is also included in the...
in the location vacated by Macy's. The Carson Pirie Scott, Bergner's, Boston Store, Herberger's, and Younkers names were eventually sold to Bon-Ton Stores on March 6, 2006.
Merger with Saks Fifth Avenue
Late 1998 would see the biggest name change when Proffitt's purchased Saks Holdings Inc, the holding company for luxury retailer Saks Fifth AvenueSaks Fifth Avenue
Saks Fifth Avenue is a luxury American specialty store owned and operated by Saks Fifth Avenue Enterprises , a subsidiary of Saks Incorporated. It competes in the high-end specialty store market in the Upper East Side of Manhattan, i.e. 'the 3 B's' Bergdorf, Barneys, Bloomingdale's and Lord & Taylor...
. Upon closing of the acquisition the company name changed to Saks Incorporated
Saks Incorporated
Saks Incorporated , founded in Birmingham, Alabama in 1998, is headquartered in New York City, New York, and is a Fortune 1000 operator of high-end department stores in the United States under the nameplate Saks Fifth Avenue. Saks evolved from Proffitt's Inc. after Proffitt's changed its name in...
and its NYSE ticker symbol changed to SKS.
Sale to Belk
The McRae's operations would ultimately be consolidated into the Proffitt's division's Alcoa, Tennessee, based offices. They would however, continue to operate under the McRae's name. The year 2005 would signal the end of the Proffitt's and McRae's with the purchase of those stores by Belk. On March 8, 2006, all McRae's and Proffitt's stores were converted into Belk stores. The conversion ended two of the most well-known retailing names in the southern United StatesSouthern United States
The Southern United States—commonly referred to as the American South, Dixie, or simply the South—constitutes a large distinctive area in the southeastern and south-central United States...
. The only exceptions were two Alabama McRae's stores in Tuscaloosa and Gadsden, which were retained to convert into Parisian locations. On October 2, 2006, the Parisian unit was sold to Belk and these two locations converted to Belk stores almost a year after the purchase.