Press release from Business Wire
Saks Incorporated to Close Its Saks Fifth Avenue Store in Tampa, Florida
Tuesday, April 23, 2013
Saks Incorporated to Close Its Saks Fifth Avenue Store in Tampa, Florida10:30 EDT Tuesday, April 23, 2013
NEW YORK (Business Wire) -- Retailer Saks Incorporated (NYSE: SKS) (“Saks” or the “Company”) today announced that it plans to close its Saks Fifth Avenue store located in the WestShore Plaza in Tampa, Florida on May 4, 2013.
Steve Sadove, Chairman and Chief Executive Officer of Saks, commented, “This planned closing is in line with our strategy of using our resources in our most productive Saks Fifth Avenue stores. We regularly assess the productivity, profitability, and potential of each of our stores and may determine that a closing is appropriate from time to time.”
Approximately 105 associates are employed in the Tampa store. All affected full-time and part-time associates either will be offered transfer opportunities or will receive appropriate employment separation packages. Sadove further noted, “These decisions are always difficult. We are extremely appreciative of our Tampa store associates, several of whom have worked with us for many years. We are committed to giving our associates needed assistance during this period.”
The Company has operated its Saks Fifth Avenue store in Tampa since 1998. The Company operates nine other Saks Fifth Avenue stores throughout Florida, including a store in nearby Sarasota. The Company plans to open a new Saks Fifth Avenue store in Sarasota's Mall at University Town Center in 2014, meaningfully expanding its presence in that market. The Company also operates seven Saks Fifth Avenue OFF 5TH outlet stores throughout the state.
Saks Incorporated currently operates 43 Saks Fifth Avenue stores, 66 Saks Fifth Avenue OFF 5TH stores, and saks.com. Saks Fifth Avenue is proud to be named a J.D. Power and Associates 2012 Customer Service Champion and is only one of 50 U.S. companies so named.
The information contained in this press release that addresses future results or expectations is considered “forward-looking” information within the definition of the Federal securities laws. Forward-looking information in this document can be identified through the use of words such as “may,” “will,” “intend,” “plan,” “project,” “expect,” “anticipate,” “should,” “would,” “believe,” “estimate,” “contemplate,” “possible,” and “point.” The forward-looking information is premised on many factors, some of which are outlined below. Actual consolidated results might differ materially from projected forward-looking information.
The forward-looking information and statements are or may be based on a series of projections and estimates and involve risks and uncertainties. These risks and uncertainties include such factors as: the level of consumer spending for luxury apparel and other merchandise carried by the Company and its ability to respond quickly to consumer trends; macroeconomic conditions and their effect on consumer spending; the Company's ability to secure adequate financing; adequate and stable sources of merchandise; the competitive pricing environment within the retail sector; the effectiveness of planned advertising, marketing, and promotional campaigns; favorable customer response to relationship marketing efforts of proprietary credit card loyalty programs; appropriate inventory management; effective expense control; successful operation of the Company's proprietary credit card strategic alliance with Capital One Financial Corporation; geo-political risks; weather conditions and natural disasters; the performance of the financial markets; changes in interest rates; and fluctuations in foreign currency and exchange rates. For additional information regarding these and other risk factors, please refer to the Company's filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended February 2, 2013, its Quarterly Reports on Form 10-Q, and its Current Reports on Form 8-K, which may be accessed via the Internet at www.sec.gov .
The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Julia Bentley, 865-981-6243