Retailer Saks Incorporated (NYSE: SKS) (“Saks” or the “Company”) today announced that it plans to close its Saks Fifth Avenue store located in Stamford Town Center in Stamford, Connecticut. The store is expected to close in early 2014.
Steve Sadove, Chairman and Chief Executive Officer of Saks, commented, “We routinely evaluate the productivity, profitability, and potential of each of our store locations and may determine that closing a store is the right course of action from time to time. This planned closing is consistent with our strategy of utilizing our resources in our most productive Saks Fifth Avenue stores.”
Approximately 80 associates are employed in the Stamford store. All affected associates either will be offered transfer opportunities or will receive appropriate employment separation packages. “Store closing decisions are never easy,” continued Sadove. “We are very thankful for our Stamford associates, many of whom have worked with Saks for a number of years. As always, we are committed to providing our associates with needed assistance during this time.”
The Company has operated its Saks Fifth Avenue store in Stamford since 1983. The Company will continue to serve its customers in other nearby Saks Fifth Avenue stores including its New York City flagship and in the Greenwich, Connecticut location.
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.
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 via the 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.