Saks Says to Close Saks Fifth Avenue in Tampa, FL
Retailer Saks Incorporated (NYSE: SKS) (“Saks” or the “Company”) today announced that it plans to close its Saks Fifth Avenue store located in the WestShore Plaza in Tampa, Florida on May 4, 2013.
Steve Sadove, Chairman and Chief Executive Officer of Saks, commented, “This planned closing is in line with our strategy of using our resources in our most productive Saks Fifth Avenue stores. We regularly assess the productivity, profitability, and potential of each of our stores and may determine that a closing is appropriate from time to time.”
Approximately 105 associates are employed in the Tampa store. All affected full-time and part-time associates either will be offered transfer opportunities or will receive appropriate employment separation packages. Sadove further noted, “These decisions are always difficult. We are extremely appreciative of our Tampa store associates, several of whom have worked with us for many years. We are committed to giving our associates needed assistance during this period.”
The Company has operated its Saks Fifth Avenue store in Tampa since 1998. The Company operates nine other Saks Fifth Avenue stores throughout Florida, including a store in nearby Sarasota. The Company plans to open a new Saks Fifth Avenue store in Sarasota's Mall at University Town Center in 2014, meaningfully expanding its presence in that market. The Company also operates seven Saks Fifth Avenue OFF 5TH outlet stores throughout the state.
Saks Incorporated currently operates 43 Saks Fifth Avenue stores, 66 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.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.