DILLARD’S CLOSES DEAL ON 7 PROFFITT’S UNITS
NEW YORK — Proffitt’s Inc., the 174-unit chain of department and specialty stores, said Monday it has completed the sale of seven Proffitt’s department stores to Dillard’s Department Stores Inc. Terms were not disclosed.
The sale of the Proffitt’s units, located in Virginia, mark the exit of the department store chain from a market in which it did not establish critical mass. Knoxville, Tenn.-based Proffitt’s now has 19 Proffitt’s units. It also operates specialty retailer Parisian and department stores under the Younkers, McRae’s and Herberger’s banners.
Proffitt’s, which has pursued an aggressive acquisition path over the past few years, generates sales of about $2.3 billion annually. Dillard’s, based in Little Rock, Ark., which has mostly sat on the sidelines during a period of rapid retail consolidation, hit the acquisition trail again with the deal.