proffitt s inc. for its chain of upscale department stores see saks fifth avenue . saks inc. type subsidiary industry retail founded 1998 in birmingham alabama united states 1919 as proffitt s 1 headquarters new york city new york united states number of locations international 7 saks fifth avenue 49 off 5th 110 2016 2 3 area served united states canada key people stephen sadove chairman and ceo kevin wills cfo revenue us 3.147 billion 2013 1 operating income us 138.49 million 2013 1 net income us 62.88 million 2013 1 total assets us 2.09 billion 2013 1 total equity us 1.149 billion 2013 1 owner nrdc equity partners number of employees 12 900 january 2011 1 parent hudson s bay company subsidiaries saks fifth avenue website www.saksincorporated.com saks inc. originally proffitt s inc. until 1998 is a fortune 1000 operator of high end department stores in the united states under the nameplate saks fifth avenue . it was founded in birmingham alabama and is currently headquartered in new york city . contents 1 history 1.1 proffitt s inc. 1.2 saks inc. 1.3 divestments 1.3.1 former department store group 2 acquisition by hbc 3 restatements 4 see also 5 notes 6 external links history edit proffitt s inc. edit proffitt s inc. began as five proffitt s stores in the knoxville tennessee metropolitan area . after going public under the symbol prft on the nasdaq stock exchange in 1987 proffitt s inc. grew by acquiring several department stores . in 1989 the company purchased 18 hess s locations in tennessee virginia kentucky and georgia . from 1994 to 1998 the company added mcrae s younkers parisian herberger s carson pirie scott boston store and bergner s chains as well as additional stores from loveman s parks belk and brody s which were converted into existing store nameplates . after acquiring parisian proffitt s relocated its corporate headquarters to birmingham alabama from knoxville in october 1997 . although the full saks company no longer has a store in mississippi saks operates its data services from the former mcrae s headquarters in jackson mississippi . saks inc. edit in september 1998 the company acquired the holding company for the luxury retailer saks fifth avenue saks holdings inc. and subsequently changed its legal name to saks incorporated . the acquisition brought the saks fifth avenue and off 5th franchises as well as folio a mail order business and saks.com an online retailer . the former saks fifth avenue properties became the saks fifth avenue enterprises division of the company with the larger birmingham based department store division becoming the saks department store group . the company s main line department store group was made up of its southern department store group mcrae s and proffitt s the northern department store group bergner s boston store carson pirie scott herberger s and younkers the company s specialty department store group parisian and the company s saks fifth avenue enterprises which included saks fifth avenue and off 5th . in 2001 the company recorded record revenues of 6.6 billion making it a member of the fortune 500 and one of the largest operators of department stores in the united states . the company was also a primary sponsor of the bruno s memorial classic golf tournament now known as the regions charity classic . the company moved its headquarters to midtown manhattan new york city in 2007 . 4 several of saks management still live in birmingham . in 2005 vendors filed against saks alleging unlawful chargebacks . the u.s. securities and exchange commission sec investigated the complaint for years and according to the new york times exposed a tangle of illicit tactics that let saks ... keep money it owed to clothing makers inflating saks yearly earnings up to 43 % and abusively collecting around 30 million from suppliers over seven years . 5 saks settled with the sec in 2007 after firing three or more executives involved in the fraudulent activities . 6 5 divestments edit by 2005 saks incorporated began to seek a narrower focus towards the luxury oriented retail synonymous with its saks fifth avenue stores . the decision resulted in a july 2005 sale of its combined 47 proffitt s and mcrae s stores to belk for approximately 622 million . on october 31 that same year saks announced that it was selling the 142 stores within its northern department store group including carson pirie scott bergner s younkers herberger s and boston store to bon ton stores inc. for 1.1 billion ; the transaction was complete as of march 6 2006 . 7 on august 2 2006 saks incorporated announced that it had agreed to sell its upscale 38 parisian stores along with two regional distribution centers and birmingham corporate headquarters to belk which rebranded them under their own name in the third quarter of 2007 . on november 5 2008 saks announced the closure of the unprofitable club libby lu chain . 8 in late august 2010 the uk tabloid daily mail reported that a private equity buyer was mulling a 1.7 billion takeover bid for saks incorporated . 9 former department store group edit specialty department store group birmingham alabama parisian inc. northern department store group milwaukee wisconsin bergner s boston store carson pirie scott herberger s younkers southern department store group jackson mississippi mcrae s proffitt s tween chicago illinois club libby lu acquisition by hbc edit on july 29 2013 toronto based hudson s bay company announced that it will buy saks incorporated for usd 2.9 billion . 10 restatements edit in march 2005 saks announced to restate financial results from fiscal 1999 through the third quarter of fiscal 2004 to correct some accounting errors related to its previously recorded operating leases . 11 see also edit new york city portal companies portal saks fifth avenue parisian proffitt s notes edit a b c d e f g 2010 form 10 k saks incorporated . united states securities and exchange commission . http www.saksfifthavenue.com stores international.jsp 1 corporate addresses . saks incorporated . retrieved on march 1 2010 . a b barbaro michael 2007 09 06 . saks settles with s.e.c. on overpayments . the new york times . issn 0362 4331 . retrieved 2015 09 21 . saks inc. settles financial reporting and related charges by sec press release . securities and exchange commission . 5 september 2007 . retrieved 2014 05 21 . saks incorporated completes sale of its northern department store group saks to close club libby lu chain after 5 turbulent years http www.dailymail.co.uk money article 1307507 a bid saks store.html a bid for saks is in store http www.cbc.ca news canada toronto story 2013 07 29 business hbc saks.html saks to restate financial results over accounting errors announces informal sec probe . external links edit official saks incorporated website v t e hudson s bay company canadian holdings hudson s bay zellers home outfitters u.s. holdings creative design studios lord & taylor saks fifth avenue former holdings north west company 1779 1821 g.w. robinson 1972 1980 shop rite 1972 1982 marshall wells 1976 1985 designer depot 2004 2008 fortunoff 2008 2009 fields 1978 2012 markborough properties to 1996 just kids acquired folded in i. g. baker company 1891 j. f. cairns ltd. 1918 smallman and ingram 1944 federal stores ltd 1952 via zellers freimans 1972 morgan s 1972 simpsons 1991 towers 1991 via zellers woodward s 1993 kmart canada 1998 related topics hudson s bay rewards hudson s bay company archives nrdc equity partners rupert s land saks inc. retrieved from https en.wikipedia.org w index.php title saks inc. & oldid 743842808 categories department stores of the united statesholding companies of the united statescompanies based in new york cityamerican companies established in 1998holding companies established in 1998retail companies established in 19981998 establishments in alabamacompanies formerly listed on the new york stock exchangehudson s bay company navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages add links this page was last modified on 11 october 2016 at 15 47 . text is available under the creative commons attribution sharealike license ; 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