of the Bruno's Memorial Classic golf tournament, now known as the Regions Charity Classic. The company moved its headquarters to Midtown Manhattan, New York City in 2007. In 2005, vendors filed against Saks alleging unlawful chargebacks. The U.S. Securities and Exchange Commission (SEC) investigated the complaint for years, and according to the New York Times "exposed a tangle of illicit tactics that let Saks ... keep money it owed to clothing makers", inflating Saks' yearly earnings up to 43% and abusively collecting around $30 million from suppliers over seven years. Saks settled with the SEC in 2007, after firing three or more executives involved in the fraudulent activities. In March, 2005, Saks announced to restate financial results from fiscal 1999 through the third quarter of fiscal 2004 to correct some accounting errors related to its previously recorded operating leases. By 2005, Saks Incorporated began to seek a narrower focus towards the luxury-oriented retail synonymous with its Saks Fifth Avenue stores. The decision resulted in a July 2005 sale of its combined 47 Proffitt's and McRae's stores to Belk for approximately $622 million. On October 31 that same year, Saks announced that it was selling the 142 stores within its Northern Department Store Group, including Carson Pirie Scott, Bergner's, Younkers, Herberger's, and Boston Store to Bon-Ton Stores, Inc., for $1.1 billion; the transaction was complete as of March 6, 2006. On August 2, 2006, Saks Incorporated announced that it had agreed to sell its upscale 38 Parisian stores, along with two regional distribution centers and Birmingham corporate headquarters to Belk, which rebranded them under their own name in the third quarter of 2007. On November 5, 2008, Saks announced the closure of the unprofitable Club Libby Lu chain. 2013 acquisition by Hudson's Bay Company On July 29, 2013, Toronto-based Hudson's Bay Company announced that it will buy Saks, Inc. for US$2.4 billion. Through this ownership, Saks Fifth Avenue and Saks Fifth Avenue Off 5th became affiliated with Hudson's Bay, Home Outfitters, and Lord & Taylor. List of department stores References External links American companies established in 1919 Companies based in New York City Companies formerly listed on the New York Stock Exchange Holding companies established in 1919 Holding companies of the United States Hudson's Bay Company Retail companies established in 1919 Saks Fifth Avenue 1919 establishments in Alabama 2013 mergers and acquisitions