THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Tuesday, October 24, 1995 TAG: 9510240337
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
TYPE: Daily Digest
LENGTH: Short : 23 lines
Proffitt's Inc., the Knoxville, Tenn.-based department store chain, is making another acquisition. The company said Monday it will buy Younkers Inc., a 53-store chain based in Des Moines, Iowa, in a $253 million stock swap. Both boards have approved the merger, which is expected to be completed in early 1996. This is Proffitt's third acquisition since last year. It purchased McRae's Inc., a 28-store chain, last year and Parks-Belk Co., which operated four stores, in April. Proffitt's, which has three department stores in South Hampton Roads, plans to open up to 10 stores locally by the end of 1999. (Staff) by CNB