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TheStreet Open House

Saks Incorporated To Close Its Saks Fifth Avenue Store In Dallas, Texas

Stocks in this article: SKS

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 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.

Copyright Business Wire 2010

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