With strengths in home furnishings, men's apparel, and cosmetics, the chain was considered one of the most successful family-owned businesses in the country.

[2] McRae's was acquired by Tennessee-based Proffitt's in 1994 in a transaction that The New York Times called "a case of a little fish swallowing a bigger one.

[4] Proffitt's and McRae's became part of Saks Incorporated's Southern Department Store Group.

As Saks sought repositioning as a more luxury retail-oriented operation, its mid-range chains became targets for sale.

Charlotte-based Belk, the nation's largest privately owned department store chain, bought Proffitt's/McRae's in a deal that closed in July 2005.