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Saks

(SKS)

, fresh off the sale of its Parisian division, said Tuesday that it plans to pay a special dividend of $4 a share.

The retailer said the payout, which will total $550 million, will be payable Nov. 30 to shareholders of record Nov. 15.

"We believe this special dividend represents an efficient and straightforward way to distribute to all of our shareholders a substantial portion of the company's excess cash, which includes the $285 million in proceeds from the sale of Parisian completed yesterday," said Chief Financial Officer Douglas Coltharp in a press release.

Saks sold its 38-store Parisian chain to privately owned department store operator

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Saks currently has $750 million of invested cash and no borrowings under its $500 million credit facility. The company also paid a $4 dividend in May following its sale of several chains to

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