Retail group Saks Incorporated has finalised its deal to sell the leasehold interests and certain fixtures and equipment of four of its subsidiary Proffitt's North Carolina stores to retail chain Belk Inc.

Belk will assume the leases on the properties in Greenville, Rocky Mount, Kinston and Goldsboro.

George Jones, president and chief executive officer of Saks Department Store Group, said that the company was constantly evaluating its portfolio of locations and was acting to concentrate its resources on the best-performing stores. He added: "This action is consistent with that strategy."

Proffitt's approximately 300 associates throughout the four stores will either be offered transfer opportunities, be given opportunities for open store position interviews, or will be receive severance packages.

Saks Incorporated operates its 241-strong Saks Department Store Group chain under the names of Parisian, Proffitt's, McRae's, Younkers, Herberger's, Carson Pirie Scott, Bergner's, and Boston Store and 38 Club Libby Lu specialty stores. The Company also operates Saks Fifth Avenue Enterprises.

Belk Inc is a 220-store retailer selling mid-priced brand-name and private-label apparel, shoes, cosmetics, gifts, and home furnishings.