Department store operator Saks ( SKS) said it completed the sale of its Northern Department Store Group to Bon-Ton Stores ( BONT). The sale value including certain liabilities is about $1.185 billion and after tax proceeds will total about $1 billion. Saks estimates a pretax gain of $300 million to $310 million and an after-tax book gain of $120 million to $130 million on the transaction. Saks' board also authorized a special cash dividend of $4 a share. The dividend payout will total about $550 million based on the current shares outstanding. The sale included 142 stores located in 12 states consisting of real and personal property, operating leases, inventory and also its distribution centers, the company said. As part of the transaction, Saks has entered into a fee for services agreement to provide Bon-Ton with specified support services, including information technology, credit services, and other back office support functions, for a limited period of time. "As we engage in the review of strategic alternatives for Parisian, we are intensely focused on improving the financial performance of Saks Fifth Avenue Enterprises and appropriately sizing our corporate infrastructure," the company said.