Saks to Sell Profitt's, McRae's Stores (AP)

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Saks to Sell Profitt's, McRae's Stores (AP)

AP - Marking the first step in the breakup of Saks Inc., the Birmingham, Ala.-based department store operator on Friday said it is selling its Proffitt's and McRae's department stores to privately held retailer Belk Inc. for $622 million in cash as it considers selling its northern mid-priced department store group.

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