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Saks plans to close Fifth Avenue store in Illinois

30
May '05
us largest departmental store saks fifth avenue enterprises, a business segment of retailer saks incorporated announced it plans to close its 72,000 square foot saks fifth avenue store and its 33,000 square foot saks off 5th store, both located in the old orchard shopping center in skokie, illinois (metropolitan chicago). the stores are expected to close by the end of july 2005. both locations are leased.

fred wilson, chairman and chief executive officer of saks fifth avenue enterprises, commented, "this announcement is consistent with our strategy of focusing our energy and resources on our larger and more productive units. we remain very committed to metropolitan chicago, and we will be able to enhance our merchandise assortments and service offerings at both our flagship saks fifth avenue michigan avenue store and our highland park location in order to better serve our many loyal chicago-area customers."



sfae also will continue to operate its two other off 5th stores in metropolitan chicago, located at gurnee mills and woodfield village.

approximately 70 associates are employed in the old orchard saks fifth avenue store, and approximately 50 associates are employed in the off 5th location. all affected associates either will be offered transfer opportunities or will receive appropriate severance packages. "we are very grateful for the dedicated old orchard team, and we will make every effort to provide needed assistance to our associates during this period," wilson continued.


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