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.
Winn-Dixie to Sell 70 Stores
Jacksonville, Fla., Bankrupt grocery-store chain Winn-Dixie Stores agreed to sell 79 locations to undisclosed buyers for about $38.7 million. Grocery wholesaler and retailer Supervalu Inc. has placed a $9.5 million bid on 37 of the stores, according to a report from The Business Journal of Jacksonville. The 20 potential buyers, who were not named, plan to continue operating those locations as food and beverage stores, Winn-Dixie said in a statement. The 79 stores are part of the 326 locations the company said it intends to sell as part of a new “store footprint” strategy. “We are working hard to find buyers for additional stores who will continue to operate them as well as offer employment opportunities for our associates,” said Peter Lynch, president and CEO, in a prepared statement. Subject to court approval, the company anticipates that these sales would begin on or about Aug. 1, and be completed in early to mid-September.
Wal-Mart Expands in Brazil
Sao Paulo, Brazil, Wal-Mart Stores, Brazil’s third-largest supermarket chain, opened its second supercenter in Sao Paulo in the last 12 months.. In all, the chain operates eight supercenters in Sao Paulo, the nation’s largest city, and 16 in the larger metropolitan area.