Nation's largest fashion firm Dillard's Inc announced it has an agreement to purchase the McRae's store at the Mall of Louisiana in Baton Rouge, Louisiana from Belk. The transaction is scheduled to close on November 28, 2005.
Dillard's, which currently operates a 200,000 square foot location at The Mall of Louisiana, plans to operate at the center under its dual-anchor format. Following an extensive remodel of the store and operating both anchor locations, Dillard's will present Baton Rouge area customers with a much broader selection of merchandise in deeper assortments in all areas of the store.
These selections will reflect the Company's renewed focus on more upscale and more contemporary fashions. The Company expects to reopen the new store under the Dillard's name in the spring of 2006.
Belk, which acquired the McRae's store in July as part of its purchase of 47 Proffitt's and McRae's stores from Saks Incorporated, was obligated to sell the store to Dillard's because of a previous contractual agreement between McRae's and Dillard's giving Dillard's purchase rights to the store at The Mall of Louisiana.
Belk is a chain of retail stores featuring furniture and other home products, jewelry, watches, fragrances, luggage, apparel. The Company mission is to be the leader in their markets in selling merchandise that meets customers' needs for fashion, quality, value and selection; to offer superior customer service; and to make a reasonable profit.
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