Press release from Business Wire
Saks Incorporated to Close Saks Fifth Avenue Store in Southampton, NY and OFF 5TH Store in Reno, NV
<p class=' bwalignc'> <i>Total of six Saks Fifth Avenue closings and one OFF 5TH closing in fiscal 2010</i> </p>
Tuesday, October 05, 2010
Saks Incorporated to Close Saks Fifth Avenue Store in Southampton, NY and OFF 5TH Store in Reno, NV12:30 EDT Tuesday, October 05, 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 Southampton, New York on October 9, 2010 and its Saks Fifth Avenue OFF 5TH (“OFF 5TH”) store in The Legends at Sparks Marina in Reno/Sparks, Nevada on January 1, 2011. “We routinely review the productivity, profitability, and potential for each of our stores and may determine it is appropriate to close a store from time to time,” noted Steve Sadove, Chairman and Chief Executive Officer of Saks. “Store closing decisions are difficult ones to make, but the planned closing of these two locations is consistent with our strategy of deploying our resources in productive stores and closing underperforming stores, when feasible.” The Company closed its Saks Fifth Avenue stores in Portland, Oregon; San Diego, California; Charleston, South Carolina; and Plano, Texas earlier this year and, as previously announced, will close its Saks Fifth Avenue store in Mission Viejo, California later this month. Approximately 35 associates are employed in the Southampton Saks Fifth Avenue store, and approximately 20 associates are employed in the Reno OFF 5TH location. All affected associates either will be offered transfer opportunities or will receive appropriate employment separation packages. Sadove continued, “We are very grateful for our dedicated associates in both of these stores. As always, we are committed to providing needed assistance to our affected associates during this period.” The Southampton store is the Company's smallest Saks Fifth Avenue location at approximately 15,000 square feet. The Reno OFF 5TH store is approximately 28,000 square feet. Saks Incorporated currently operates 49 Saks Fifth Avenue stores, 56 Saks Fifth Avenue OFF 5TH stores, and saks.com.