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Press release from Business Wire

Saks Incorporated to Close OFF 5TH Store in Morrisville, NC

<p class='bwalignc'> <i>New OFF 5TH store opened in nearby Mebane, NC in 2010</i> </p>

Friday, October 21, 2011

Saks Incorporated to Close OFF 5TH Store in Morrisville, NC09:30 EDT Friday, October 21, 2011 NEW YORK (Business Wire) -- Retailer Saks Incorporated (NYSE: SKS) (“Saks” or the “Company”) today announced it plans to close its 20,000 square foot Saks Fifth Avenue OFF 5TH (“OFF 5TH”) store in Triangle Factory Outlets in Morrisville, North Carolina (metropolitan Raleigh) by January 1, 2012. The Company opened a new 30,000 square foot OFF 5TH location in Tanger Outlet Center of the Piedmont in nearby Mebane, North Carolina (metropolitan Raleigh) in 2010, which will serve as a replacement store for the closing location. The new Mebane store was designed in the Company's innovative “luxury in a loft” format that debuted in 2008 and which redefined and elevated the outlet shopping experience. Robert Wallstrom, President of Saks Fifth Avenue OFF 5TH, noted, “We have many loyal OFF 5TH customers in the metropolitan Raleigh area and hope to continue to serve them with our newer Mebane location.” Approximately 20 associates are employed in the Morrisville OFF 5TH location. All affected associates either will be offered transfer opportunities or will receive appropriate employment separation packages. Wallstrom continued, “It is never easy to close a store. We are very grateful for our dedicated associates in this location, many of whom have been with us for several years. As always, we are committed to providing needed assistance to these associates during this period.” About Saks Fifth Avenue OFF 5TH and the Company Saks Fifth Avenue OFF 5TH is the savvy shopper's premier source for value-priced designer clothing and accessories, offering customers an exceptional array of both coveted designer names and unique merchandise under the Saks Fifth Avenue label. Saks Fifth Avenue OFF 5TH places priority on style, selection, and customer service. Today, there are a total of 60Saks Fifth Avenue OFF 5TH stores in 23 states. Saks Fifth Avenue OFF 5TH is a part of Saks Incorporated which also operates 46 Saks Fifth Avenue stores and saks.com. Saks IncorporatedJulia Bentley, 865-981-6243www.saksincorporated.com