Press release from Business Wire
Saks Incorporated to Close Its Saks Fifth Avenue Stores in Plano, Texas and Mission Viejo, California
<p class=' bwtextaligncenter'> <i>Total of five Saks Fifth Avenue store closings in 2010</i> </p>
Tuesday, August 17, 2010
Saks Incorporated to Close Its Saks Fifth Avenue Stores in Plano, Texas and Mission Viejo, California08:00 EDT Tuesday, August 17, 2010 NEW YORK (Business Wire) -- Retailer Saks Incorporated (NYSE: SKS) (“Saks” or the “Company”), today announced it plans to close its Saks Fifth Avenue store in The Shops at Willow Bend in Plano, Texas on August 21, 2010 and its Saks Fifth Avenue store in the Mission Viejo Mall in Mission Viejo, California on October 23, 2010. Steve Sadove, Chairman and Chief Executive Officer of Saks, commented, “In the ordinary course of business, we assess the productivity, profitability, and potential for each of our stores and may determine it is appropriate to close a store from time to time. Store closing decisions are never easy, but the planned closing of these two stores is consistent with our strategy of employing our resources in our most productive locations.” The Company closed its Saks Fifth Avenue stores in Portland, Oregon; San Diego, California; and Charleston, South Carolina last month. Approximately 65 associates are employed in the Plano store, and approximately 60 associates are employed in the Mission Viejo store. All affected associates either will be offered transfer opportunities or will receive appropriate severance packages. Sadove noted, “We are very grateful for our dedicated teams in both the Plano and Mission Viejo stores. We are committed to providing needed assistance to our affected associates during this period.” The Plano store is approximately 121,000 square feet, and the Mission Viejo store is approximately 98,000 square feet. Saks Incorporated currently operates 50 Saks Fifth Avenue stores, 55 Saks Fifth Avenue Off 5TH stores, and saks.com.