Retailer Saks Incorporated (NYSE: SKS) (“Saks” or the “Company”), today announced it plans to close its Saks Fifth Avenue store located in the Fashion Valley Mall in San Diego, California (approximately 81,000 square feet) by July 17, 2010. Steve Sadove, Chairman and Chief Executive Officer of Saks, noted, “Store closing decisions are never easy but are necessary from time to time. The planned closing of our San Diego store is consistent with our strategy of focusing our resources on our most productive stores.” In March, the Company announced the planned July 2010 closing of its Portland, Oregon Saks Fifth Avenue store. Approximately 70 associates are employed in the San Diego store. All affected associates either will be offered transfer opportunities or will receive appropriate severance packages. Sadove commented, “We are very grateful for the devoted San Diego store associates, several of whom are long-standing employees. We are committed to providing needed assistance to our associates during this period.” Saks Incorporated currently operates 53 Saks Fifth Avenue stores, 55 Saks Off 5th stores, and saks.com.
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