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Saks Incorporated Announces Plans to Close Its Palm Springs Saks Fifth Avenue Store.

Business Editors

BIRMINGHAM, Ala.--(BUSINESS WIRE)--July 10, 2001

Retailer Saks Incorporated (NYSE:SKS) (the "Company") today announced plans to close its 50,000 square foot Saks Fifth Avenue store located in the Desert Fashion Plaza in Palm Springs, California. The store is scheduled to close on July 14, 2001.

Saks Fifth Avenue currently operates a 50,000 square foot store in nearby Palm Desert, which was opened in late 1998. The Palm Desert store will remain open to serve the market with the exceptional merchandise offerings and premier shopping environment associated with the Saks Fifth Avenue brand.

The Palm Springs store is being closed because, after a review of the financial performance of the store, it was determined that the Company's return on investment criteria were not being met, and that the market could be served by the Palm Desert store.

Christina Johnson, President and Chief Executive Officer of Saks Fifth Avenue Enterprises, noted, "We believe our interests are best served by closing the Palm Springs store and focusing our resources and efforts on our new Palm Desert store, which is only minutes away. We will continue to offer our loyal area clientele the style, selection, and service they have come to expect from Saks Fifth Avenue through our beautiful Palm Desert location."

Johnson further commented, "California remains an important market for Saks Fifth Avenue, where we have maintained a signature presence since our first store opened in Beverly Hills in 1938." After the Palm Springs store closing, the Company will operate eleven Saks Fifth Avenue stores totaling nearly one million square feet throughout the state. California Saks Fifth Avenue locations include Beverly Hills, Carmel, Costa Mesa, La Jolla, Mission Viejo, Palm Desert, Palos Verdes, Pasadena, San Diego, San Francisco, and Santa Barbara.

The Palm Springs store employs approximately 60 associates. All associates affected by the closure either will be offered transfer opportunities or will receive an appropriate post-employment package.

Saks Incorporated currently operates Saks Fifth Avenue Enterprises (SFAE), which consists of 62 Saks Fifth Avenue stores, 50 Saks Off 5th stores, and Saks Direct. The Company also operates its Saks Department Store Group (SDSG) with 40 Parisian specialty department stores and 203 traditional department stores under the names of Proffitt's, McRae's, Younkers, Herberger's, Carson Pirie Scott, Bergner's, and Boston Store. The Company's annual revenues exceed $6 billion.
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Publication:Business Wire
Date:Jul 10, 2001
Words:389
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