NEW YORK -- (Business Wire)
Retailer Saks Incorporated (NYSE: SKS) (“Saks” or the “Company”) today
announced that it plans to close its Saks Fifth Avenue store located in
Galleria Dallas in Dallas, Texas on June 15, 2013.
“The planned closing of our Dallas store is consistent with our strategy
of employing our resources in our most productive locations,” noted
Steve Sadove, Chairman and Chief Executive Officer of Saks. “We
regularly assess the productivity, profitability, and potential of each
of our store locations and may determine that a closing is appropriate
from time to time.”
Approximately 120 associates are employed in the Dallas store. All
affected associates either will be offered transfer opportunities or
will receive appropriate employment separation packages. Sadove
continued, “These store closing decisions are always difficult. We are
extremely appreciative of our associates in the Dallas store, several of
whom have been with Saks for many years. We are committed to providing
our associates with needed assistance during this period.”
The Company has operated a Saks Fifth Avenue store in Dallas since 1982.
The Company will continue to operate its Saks Fifth Avenue stores in
Houston and San Antonio and several Saks Fifth Avenue OFF 5TH stores
throughout the state, including three in the metro Dallas-Fort Worth
area (Grapevine Mills, Shops at Park Lane, and Grand Prairie Premium
Outlets).
Saks Incorporated currently operates 43 Saks Fifth Avenue stores, 65
Saks Fifth Avenue OFF 5TH stores, and saks.com. Saks Fifth Avenue
is proud to be named a J.D. Power and Associates 2012 Customer Service
Champion and is only one of 50 U.S. companies so named.
Forward-looking Information
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: the level of consumer spending for luxury apparel and other
merchandise carried by the Company and its ability to respond quickly to
consumer trends; macroeconomic conditions and their effect on consumer
spending; the Company’s ability to secure adequate financing; adequate
and stable sources of merchandise; the competitive pricing environment
within the retail sector; the effectiveness of planned advertising,
marketing, and promotional campaigns; favorable customer response to
relationship marketing efforts of proprietary credit card loyalty
programs; appropriate inventory management; effective expense control;
successful operation of the Company’s proprietary credit card strategic
alliance with Capital One Financial Corporation; geo-political risks;
the performance of the financial markets; changes in interest rates; and
fluctuations in foreign currency and exchange rates.For
additional information regarding these and other risk factors, please
refer to the Company’s filings with the SEC, including its Annual Report
on Form 10-K/A for the fiscal year ended January 28, 2012, its Quarterly
Reports on Form 10-Q, and its Current Reports on Form 8-K, which may be
accessed viathe 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.
Contacts:
Saks Incorporated
Julia Bentley, 865-981-6243
www.saksincorporated.com
Source: Saks Incorporated
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