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Leibish & Co
Tuesday, August 17, 2010
Saks Inc. to Close Two Stores
Luxury retailer Saks Incorporated on Tuesday said it will close its Saks Fifth Avenue store in The Shops at Willow Bend in Plano, Texas, on August 21and its Saks Fifth Avenue store in the Mission Viejo Mall in Mission Viejo, Calif., on October 23.
Approximately 65 persons are employed in the Plano store and about 60 are employed in the Mission Viejo store. They will either be offered transfer opportunities or will receive severance packages. The Plano store is approximately 121,000 square feet, and the Mission Viejo store is approximately 98,000 square feet.
“Store closing decisions are never easy, but the planned closing of these two stores is consistent with our strategy of employing our resources in our most productive locations,” said Steve Sadove, Saks Inc. chairman and CEO.
The company closed its Saks Fifth Avenue stores in Portland, Ore., San Diego, and Charleston, S.C. last month.
The New York based retailer operates 50 Saks Fifth Avenue stores, 55 Saks Fifth Avenue Off 5TH stores, and saks.com.
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I am a freelance writer and editor who covers the luxury jewelry and watch industry for several publications, including Forbes.com the Financial Times, Hong Kong-based JewelleryNetAsiaand the Italian jewelry magazine, VO+. In addition, I have my own blog covering the jewelry and watch industry, Jewelry News Network.