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Online retailer Saks sales NDSG to Bon-Ton Stores

Mar '06
Retailer Saks Incorporated announced it has completed the sale of its Northern Department Store Group to The Bon-Ton Stores Inc for a total purchase price (including the assumption of certain liabilities) of approximately $1.185 billion.

Net after-tax proceeds from the transaction will total approximately $1.0 billion.

Last week, the Company announced the intention of its Board of Directors to declare a special cash dividend of $4 per share upon the closing of the NDSG transaction.

The Company announced that its Board of Directors has authorized the special dividend. The special dividend will be payable on May 1, 2006 to shareholders of record as of April 14, 2006.

The dividend payout will total approximately $550 million based on the current shares outstanding.

Douglas E Coltharp, Chief Financial Officer of the Company, commented, "They believe this special dividend will represent an efficient and straightforward way to distribute to all of their shareholders a substantial portion of the NDSG sale proceeds."

Bon-Ton's acquisition of NDSG was effective midnight on March 4, 2006.

The acquisition included NDSG's operations consisting of real and personal property, operating leases, and inventory associated with 142 NDSG units (31 Carson Pirie Scott stores, 14 Bergner's stores, 10 Boston Store stores, 40 Herberger's stores, and 47 Younkers stores); the administrative/headquarters facilities in Milwaukee, Wisconsin; and distribution centers located in Rockford, Illinois, Naperville, Illinois; Green Bay, Wisconsin, and Ankeny, Iowa.

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