Press release from Business Wire
Saks Incorporated to Close Its Saks Fifth Avenue Store in Charleston, South Carolina
Monday, May 17, 2010
Saks Incorporated to Close Its Saks Fifth Avenue Store in Charleston, South Carolina10:00 EDT Monday, May 17, 2010 NEW YORK (Business Wire) -- Retailer Saks Incorporated (NYSE: SKS) (“Saks” or the “Company”), today announced it plans to close its freestanding Saks Fifth Avenue store in Charleston, South Carolina by July 17, 2010. The store is approximately 33,000 square feet. Steve Sadove, Chairman and Chief Executive Officer of Saks, commented, “In the ordinary course of business, we evaluate the productivity, profitability, and potential for each of our stores and may determine it is appropriate to close a store from time to time. The planned closing of our Charleston store is consistent with our focus of utilizing our resources in our most productive stores.” The Company previously announced that it plans to close its Portland, Oregon and San Diego Saks Fifth Avenue stores in July 2010. Approximately 60 associates are employed in the Charleston store. All affected associates either will be offered transfer opportunities or will receive appropriate severance packages. Sadove noted, “Store closing decisions are never easy. We are certainly appreciative of the many loyal Charleston associates, some of whom have been with Saks for many years. We are committed to providing needed assistance to our associates during this period.” Saks Incorporated currently operates 53 Saks Fifth Avenue stores, 55 Saks Off 5TH stores, and saks.com.