Press release from Business Wire
Saks Incorporated Announces Plans for Seven New Saks Fifth Avenue OFF 5TH Stores in 2014
Wednesday, September 18, 2013
Saks Incorporated Announces Plans for Seven New Saks Fifth Avenue OFF 5TH Stores in 201409:00 EDT Wednesday, September 18, 2013
NEW YORK (Business Wire) -- Saks Incorporated (NYSE: SKS) (“Saks” or the “Company”) today announced its plans to open seven new Saks Fifth Avenue OFF 5TH stores in 2014: The Outlets at Bloomfield in Pearl, MS; Potomac Mills in Woodbridge, VA; Palm Beach Outlets in West Palm Beach, FL; Outlet Shoppes at Louisville/Lexington, KY; Twin Cities of Eagan in Minneapolis, MN; The Mayfair Collection in Mayfair, WI; and Easton Gateway in Columbus, OH.
“We look forward to the continued expansion of the Saks Fifth Avenue OFF 5TH store base into new markets and to provide our customers with a state-of-the-art shopping environment,” noted Robert Wallstrom, President of Saks Fifth Avenue OFF 5TH. “The seven new stores are located in key communities and will be important additions to the company. We are excited to serve the customers of these communities with premium designer brands at an extraordinary value.”
The stores will range from 25,000 to 28,000 square feet and will be modeled in Saks Fifth Avenue OFF 5TH's luxury-in-a-loft store design. Since its debut in 2008, the innovative layout has been well received and set a new standard in outlet shopping. The design maximizes efficiency and flexibility, enabling easy changes in the general layout. The new stores will be bright and uncluttered, with no hard aisles and one consistent, hard-surface floor throughout. All fixtures will be on casters, ensuring ease in movement, and all hardware will be interchangeable between fixtures.
A distinctive assortment of luxury brands at great prices will be available in the new stores. Shoppers will have access to a broad selection in key merchandise categories such as womenswear, menswear, children's, fine jewelry, beauty, shoes, handbags and sunglasses.
In celebration of the openings, each new store will host local launch festivities with special discounts and giveaways. Additionally, customers will be able to participate in Saks Fifth Avenue OFF 5TH's MORE! Rewards loyalty program. This free program offers weekly discounts, sales and promotions on merchandise throughout the store.
About Saks and Saks Fifth Avenue OFF 5TH
Saks Incorporated currently operates 41 Saks Fifth Avenue stores, 70 Saks Fifth Avenue OFF 5TH stores, and saks.com.
Saks Fifth Avenue OFF 5TH is a world-class, full-service destination for value-priced clothes and accessories for men, women, children and the home. The retailer's stores combine the two great joys of shopping: the delight of finding the very best and the thrill of the deal. Highly coveted designers are displayed alongside exclusive Saks brands you won't find anywhere else, all in a luxury-in-a-loft environment that can showcase an emerging trend one day and a great deal the next. Saks Fifth Avenue OFF 5TH simply offers more style, more savings and more service than any other value retailer.
As previously disclosed, the Company entered into a merger agreement on July 28, 2013 with Hudson's Bay Company (“HBC”). The planned transaction has been approved by each company's board of directors and is expected to close before the end of the calendar year, subject to approval by Saks' shareholders and other customary closing conditions.
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: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of Saks' merger agreement with Hudson's Bay Company (“HBC”), (2) the failure to obtain Saks shareholder approval of the merger with HBC or the failure to satisfy any of the other closing conditions to the merger, (3) the failure of HBC to obtain the necessary financing arrangements set forth in the debt commitment letter and equity investment agreement providing for its financing of the merger, (4) risks related to disruption of management's attention from Saks' ongoing business operations due to the transaction, (5) the effect of the announcement of the merger on the ability of Saks to retain and hire key personnel and maintain relationships with its customers, suppliers and others with whom it does business, or on its operating results and business generally, (6) the level of consumer spending for luxury apparel and other merchandise carried by the Company and its ability to respond quickly to consumer trends; (7) macroeconomic conditions and their effect on consumer spending; (8) the Company's ability to secure adequate financing; (9) adequate and stable sources of merchandise; (10) the competitive pricing environment within the retail sector; (11) the effectiveness of planned advertising, marketing, and promotional campaigns; (12) favorable customer response to relationship marketing efforts of proprietary credit card loyalty programs; (13) appropriate inventory management; (14) effective expense control; (15) successful operation of the Company's proprietary credit card strategic alliance with Capital One Financial Corporation; (16) geo-political risks; (17) weather conditions and natural disasters; (18) the performance of the financial markets; (19) changes in interest rates; and (20) fluctuations in foreign currency and exchange rates.
Additional factors that may cause Saks' actual results to differ materially from those described in the forward-looking statements may be found in Saks' 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.
Additional Information and Where to Find It
This press release does not constitute a solicitation of any vote or approval. In connection with the proposed merger, Saks will file with the Securities and Exchange Commission (the “SEC”) and mail or otherwise provide to its shareholders a proxy statement regarding the proposed transaction. BEFORE MAKING ANY VOTING DECISION, SAKS' SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED MERGER OR INCORPORATED BY REFERENCE THEREIN BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER AND THE PARTIES TO THE PROPOSED MERGER. Investors and security holders may obtain a free copy of the proxy statement and other documents that Saks files with the SEC (when available) from the SEC's website at www.sec.gov and Saks' website at www.saksincorporated.com. In addition, the proxy statement and other documents filed by Saks with the SEC (when available) may be obtained from Saks free of charge by directing a request to Saks Incorporated, Investor Relations Department, 12 East 49th Street, New York, New York 10017, 865-981-6243.
Saks and its directors, executive officers and employees may be deemed, under SEC rules, to be participants in the solicitation of proxies from Saks' shareholders with respect to the proposed acquisition of Saks by HBC. Security holders may obtain information regarding the names, affiliations and interests of such individuals in Saks Annual Report on Form 10-K for the fiscal year ended February 2, 2013, and its definitive proxy statement for the 2013 annual meeting of shareholders. Additional information regarding the interests of such individuals in the proposed acquisition of Saks by HBC will be included in the proxy statement relating to such acquisition when it is filed with the SEC. These documents may be obtained free of charge from the SEC's website at www.sec.gov and Saks website at www.saksincorporated.com.
Saks Fifth Avenue OFF 5TH
Jenny Dong, 212-451-1931
Molly Ellingson, 212-320-4719
Julia Bentley, 865-981-6243
SVP Investor Relations