Saks Incorporated operates Saks Fifth Avenue stores, OFF
Fifth stores, and saks.com. The Company also operates
specialty store chain Club Libby Lu.
They began as
Proffitt's, Inc. with just five Proffitt's stores in
metropolitan Knoxville, Tennessee. Proffitt's, Inc. became a
public company in June 1987. From 1994 to 1998, they added
McRae's, Parisian, Younkers, Herberger's, and Carson Pirie
Scott & Co. (which included Bergner's and Boston Store) as
well as 32 additional stores from Lovemans, Hess,
Parks-Belk, and Brody's, which were converted into existing
Becoming Saks Incorporated
In September of 1998, Proffitt's, Inc. and Saks Holdings,
Inc. completed a merger transaction where Saks Fifth Avenue
and OFF 5TH outlet stores became a division of Proffitt's,
Inc., and their
corporate name of Proffitt's, Inc. was changed to Saks
Incorporated. The stock began trading on the New York Stock
Exchange under the symbol SKS" on September 18,
Growth and Development
Club Libby Lu, a specialty store focusing on "tween" age
girls, in May 2003. The
mission of Club Libby Lu was to create a spontaneous
environment that encourages girls to express their
imagination and individuality.
To create value for their
shareholders, they sold their
Proffitt's and McRae's businesses to Belk, Inc. on July 5,
2005, their Northern
Department Store Group (operating under the Carson Pirie
Scott, Bergner's, Boston Store, Herberger's, and Younkers
nameplates) to The Bon-Ton Stores, Inc. on March 6, 2006,
and their Parisian
business to Belk, Inc. on October 2, 2006.
The Company generated approximately $2.0 billion in cash
from the sales of its department store businesses, and used
the proceeds to purchase Company stock, pay a special cash
dividend to shareholders, and substantially reduce debt.
operate Saks Fifth Avenue, Saks OFF 5TH, and saks.com. They
also continue to operate Club Libby Lu.
Saks Fifth Avenue History
The Beginning Dreaming of a
unique specialty store synonymous with fashionable,
gracious living, Horace Saks and Bernard Gimbel opened
Saks Fifth Avenue in 1924.
Expansion When Adam Gimbel became
President of Saks Fifth Avenue in 1926, he built an
empire of stores reaching from coast to coast.
Joining Saks Incorporated B.A.T.
Industries PLC acquired Saks Fifth Avenue in 1973, and
sold it to Investcorp S.A. in 1990. When Saks merged
with Proffitt's Inc. in 1998, the company was re-named
to Saks Incorporated.
OFF 5TH History
The Beginning The first of their
outlet stores appeared in 1992 in Franklin Mills,
Pennsylvania, under the name of Clearinghouse.
Expansion With the 1995 decision
to expand, they
were renamed OFF 5TH.
Joining Saks Incorporated When
Saks merged with Proffitt's Inc. in 1998, the company
was re-named Saks Incorporated.
have differentiated themselves
from other outlet stores by offering in-demand products,
greeting customers promptly, offering fitting room
assistance, and ensuring an accurate, one-minute
Club Libby Lu History
The Beginning Mary Drolet founded
the first Club Libby Lu in August 2000 in Schaumburg,
Joining Saks Incorporated Saks
Incorporated purchased Club Libby Lu in May 2003.