US CREDIT - Saks steady despite sale, payouts

Newswire

NEW YORK, Oct 31 (Reuters) - Saks Inc. on Monday said it will sell more assets and reward shareholders with the proceeds, but the luxury retailer also showed it has become a more stable credit, analysts said. Birmingham, Alabama-based Saks said it agreed to sell 142 stores to Bon-Ton Stores Inc. for $1.1 billion in cash and the assumption of about $85 million in liabilities. Saks also said it is exploring ways to distribute a "substantial portion" of the proceeds to shareholders, which ...

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