Saks Sells Four Proffitt’s to Belk
Birmingham, Ala., Saks Inc. agreed to sell four North Carolina Proffitt’s stores to Belk, Inc. Belk will assume the leases on the properties. The properties are the 90,000 square foot store in the Colonial Mall in Greenville, the 80,000 square foot store in the Golden East Crossing Mall in Rocky Mount, the 50,000 square foot store in the Vernon Park Mall in Kinston, and the 52,000 square foot store in the Berkeley Mall in Goldsboro. Proffitt’s plans to operate the stores through the end of February, when the leases, fixtures and equipment will transfer to Belk.
“We continue to evaluate our real estate portfolio and rationalize it as appropriate in order to focus our resources on our most productive locations,” said George Jones, CEO of Saks Department Store Group, said. “This action is consistent with that strategy.”
Peterson Leaves OfficeMax
Itasca, Ill., OfficeMax said Gary Peterson, president of the company’s retail division, resigned, and that his departure is unrelated to the company’s current investigation into allegations of impropriety regarding vendor promotional payments. The company will commence a search for Peterson’s replacement immediately.
Best Buy Promotes Healy
Minneapolis, Best Buy promoted Tom Healy to executive VP, Best Buy For Business, a new position in the company’s recently formed customer business group. Healy, age 43, reports to John Walden, executive VP and leader of the new group, which aggregates all resources that manage customer segment performance and consolidates resources that define Best Buy for consumers. Healy joined Best Buy in 1990 and previously was in charge of Best Buy International.