Upscale department-store chains have been among the most fashionable U.S. targets for foreign investors. Like well-heeled Christmas shoppers, they scooped up some of the most famous names in American retailing, from Bloomingdale's to Bonwit Teller. Now several store chains are suddenly up for sale again, creating a sense of turmoil in retailing just as it heads into its busiest season.
The besieged British conglomerate B.A.T Industries disclosed last week that it will sell its U.S. retailing operations, which include Saks Fifth Avenue (total stores: 46), Marshall Field's (24), Breuners (17) and Ivey's (23). B.A.T is reluctantly shedding the chains as part...
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