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Two Saks Fifth Avenue stores to be closed in December
Sep '12
Retailer Saks Incorporated announced that it plans to close its Saks Fifth Avenue stores located in Renaissance Place in Highland Park, Illinois and in the Aboretum Market in Austin, Texas. Both stores are expected to close on December 31, 2012.

Steve Sadove, Chairman and Chief Executive Officer of Saks, commented, “We routinely assess the productivity, profitability, and potential of each of our stores and may conclude closings are necessary from time to time. These planned closings are consistent with our strategy of employing our resources in our most productive locations.”

Approximately 60 associates are employed in the Highland Park store, and approximately 64 associates are employed in the Austin store. All affected associates either will be offered transfer opportunities or will receive appropriate employment separation packages.

Sadove continued, “Store closing decisions are never easy. We are very appreciative of our many loyal associates in both the Highland Park and Austin Saks Fifth Avenue stores, and we are committed to providing them with needed assistance during this period.”

The Highland Park store opened in 2000 and is approximately 49,000 square feet. Saks will continue to serve its metropolitan Chicago customers with its flagship store located on Michigan Avenue. The Austin store opened in 1997 and is approximately 52,000 square feet. The Company also operates Saks Fifth Avenue stores in Dallas, Houston, and San Antonio.

Saks Incorporated currently operates 45 Saks Fifth Avenue stores, 64 Saks Fifth Avenue OFF 5TH stores.

Saks Incorporated

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Courtesy: Commonwealth Bank of Australia

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