Saks, Inc.
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| Subsidiary | |
| Industry | Retail |
| Founded | 1998 in Birmingham, Alabama United States (1919 as Proffitt's) |
| Headquarters | New York City, New York, United States |
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Number of locations
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International: 7 Saks Fifth Avenue: 49 OFF 5TH: 110 (2016) |
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Area served
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United States Canada |
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Key people
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Stephen Sadove (Chairman and CEO) Kevin Wills (CFO) |
| Revenue |  US$ 3.147 billion (2013) |
 US$ 138.49 million (2013)
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US$ 62.88 million (2013)
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| Total assets |
US$ 2.09 billion (2013)
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| Total equity |
US$ 1.149 billion (2013)
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| Owner | NRDC Equity Partners |
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Number of employees
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12,900 (January 2011) |
| Parent |
Hudson's Bay Company (2013–present) |
| 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.
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.
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. 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. Saks settled with the SEC in 2007, after firing three or more executives involved in the fraudulent activities.
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Wikipedia