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Saks Inc to close Parisian store by mid-Feb 2006

Dec '05
Online retailer Saks Incorporated announced it will close its 95,000 square foot Parisian store located in the Columbiana Centre in Columbia, South Carolina in mid-February 2006.

Toni Browning, President and Chief Executive Officer of Parisian, commented, "This planned closing is consistent with our strategy of focusing resources on most productive stores. They remain committed to Columbia, they will continue to meet the needs of many loyal area customers in 100,000 square foot Richland Fashion Mall location."

Parisian employs approximately 90 associates in the Columbiana Centre store. These associates either will be offered transfer opportunities to the Parisian store at the Richland Fashion Mall or will receive appropriate severance packages.

"Although this was a very difficult decision, it was the right one to make," noted Browning. "We are very appreciative of the dedicated team of associates in this store, several of whom have served our Columbia customers since the store opened in 1996."

J.C. Penney will assume the lease on the Parisian store.

Saks Incorporated operates its Saks Department Store Group (SDSG) with 40 Parisian stores; 142 Younkers, Herberger's, Carson Pirie Scott, Bergner's, and Boston Store stores (collectively known as the Northern Department Store Group or "NDSG"); and 58 Club Libby Lu specialty stores.

On October 31, 2005, the Company announced it had reached an agreement to sell NDSG to The Bon-Ton Stores, Inc. for $1.185 billion in a transaction expected to close early in the first fiscal quarter of 2006. Saks Incorporated also operates Saks Fifth Avenue Enterprises (SFAE), which consists of 55 Saks Fifth Avenue stores, 50 Saks Off 5th stores.

Saks Incorporated

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