Parisian
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Parisian (department store chain)
For the Parisian stores owned by Bon-Ton Stores, see Parisian (Bon-Ton).
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| Former type | Department store |
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| Industry | Retail |
| Fate | Acquired by Belk |
| Founded | 1877 |
| Defunct | 2006 |
| Headquarters | Birmingham, Alabama USA |
| Products | Clothing, footwear, bedding, furniture, jewelry, beauty products, and housewares. |
| Parent | Parisian (1877-1988) Hooker Corp. (1988-1989) Parisian, Inc. (1989-1996) Proffitt's, Inc. (1996-1998) Saks, Inc. (1998-2006) Belk (2006) |
Parisian was a U.S. chain of upscale department stores founded and headquartered in Birmingham, Alabama. Competing mainly in the established Southeastern US market through the 1980s against Nordstrom, Neiman Marcus and Gus Mayer, Parisian underwent a series of restructurings and mergers during its 130-year history, and was taken over by Saks Incorporated in 1998. In September 2006, Belk purchased the Parisian department store properties from Saks for $285 million, although that sale did not include the Parisian nameplate. Belk quickly resold five Parisian store locations in Michigan, Indiana and Ohio to Bon-Ton Stores, and closed a handful of additional stores nationwide. The remaining Parisian locations were rebranded as Belk in September 2007.
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Contents
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History
Acquisition by Proffitt's in 1996
In 1996, Proffitt's Inc. bought 38-store Parisian for $200 million and assumed Parisian's $250 million debt. Proffitt's, which had acquired Younkers and McRae's two years before, also acquired G.R. Herberger's in 1996. In 1997, Proffitt's included five brands: 19 Proffitt's stores, mostly in Tennessee; 29 McRae's stores in Alabama and Mississippi; 48 Younkers stores, mostly in Iowa and Wisconsin; 40 Parisian stores; and 39 Herberger's stores, concentrated in the Midwest.
Proffitt's continued to make acquisitions, buying the Carson Pirie Scott chain of 52 stores in the Midwest in 1997 and Brody's in North Carolina in 1998. Proffitt's bought Saks Fifth Avenue for $2.1 billion in 1998, which included 100 Saks stores and 40 discount Off 5th outlet stores, and changed its own name from Proffitt's, Inc. to Saks Incorporated.[1]
At its height, Saks Incorporated operated more than 250 medium to high-end department stores under its Saks Fifth Avenue Enterprises group, the Parisian division, the Northern Department Store Group (Younkers, Herberger's, Carson Pirie Scott, Bergner's, Boston Store), and its Southern Department Store Group (Proffitt's and McRae's) — plus more than 50 Club Libby Lu specialty shops.
Sale of Parisian to Belk in 2006 and conversion
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Belk, Inc., a privately held department store chain based in Charlotte, North Carolina purchased the Proffitt's and McRae's stores from Saks on March 8, 2006, and immediately converted them to the Belk nameplate. On August 2, 2006, Belk announced the $285 million purchase of Parisian from Saks. That transaction included 38 Parisian department stores, a 125,000-square-foot (11,600 m2) administrative/headquarters facility in Birmingham, Alabama, and a 171,000-square-foot (15,900 m2) distribution center in Steele, Alabama.
On February 2, 2007, the company further announced plans to change its share of Parisian stores over to the Belk nameplate by September 12, 2007. With the Parisian transaction complete, Belk operates 315 stores in 19 states.[2]
During March 2007, elements of Parisian's operations such as its website were incorporated into those of Belk. Parisian's Steele distribution center closed by the end of the same month, eliminating 84 jobs. Another phase of transition involved conversion of private brands such as Parisian Signature and Parisian Bébe, beginning in June and continuing throughout the summer.
Signage and marketing for the Belk-owned store locations displayed the Belk name by September 1, 2007.
Sale of five Parisian store locations to Bon-Ton in 2006
On October 25, 2006 Belk announced the $22 million sale of four Parisian stores and rights for the construction of a fifth store to The Bon-Ton Stores, Inc. The store locations included:
- Livonia, Michigan - Laurel Park Place - 148,800 sq ft (13,820 m2).
- Rochester Hills, Michigan - The Village of Rochester Hills - 120,500 sq ft (11,190 m2).
- Beavercreek, Ohio - The Mall at Fairfield Commons - 130,200 sq ft (12,100 m2). - now an Elder-Beerman.[3]
- Indianapolis, Indiana - Circle Centre - 144,000 sq ft (13,400 m2). - former site of the L. S. Ayres flagship store - now a Carson Pirie Scott.[4]
- Clinton Township, Michigan - The Mall at Partridge Creek - 120,000 sq ft (11,000 m2). (opened October 18, 2007; first new location under new ownership)
The sale closed on October 31, 2006.[5]
References
Further reading
- ^ , Merchandising "Saks Incorporated Annual Report (Parisian)". SEC Filing, April 10, 2006.
- ^ ""The Look" Parisian Fall 2006 Catalog". Parisian., September 2006.
External links
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