Saks Fifth Avenue
This article was originally published in The Rose Sheet
Executive Summary
Holding company for department store enters merger with Birmingham, Ala.-based Proffitt's, announced July 5. Under the agreement, no changes in Saks operations are anticipated in the short-term. Upon completion of the merger, Saks Fifth Avenue will become a Proffitt's subsidiary, and the Proffitt's name will be changed to Saks, Inc. headquartered in Birmingham. Proffitt's Chairman and CEO Brad Martin will retain his title as head of the new organization, and Saks Fifth Avenue Chairman and CEO Philip Miller and Vice Chairman and Chief Operating Officer Brian Kendrick will continue to manage the subsidiary. Subject to regulatory approval, the deal is slated to be complete by the end of the third quarter or early in the fourth. The combined corporation would operate 330 stores in 38 states with 1998 revenues exceeding $6 bil...