Saks closing 11 locations
October 4, 2004,
NEW YORK — Saks Fifth Avenue Enterprises (SFAE), a business segment of retailer Saks Incorporated, will close eight Saks Fifth Avenue stores and three Off 5th stores.
The Off 5th closings are located in Worcester , Mass. , Grove City , Pa. , and Nashville , Tenn.
Fred Wilson, chairman and CEO of Saks Fifth Avenue Enterprises, said, "After completing an extensive review of our store base, we are taking steps to rationalize our real estate portfolio to improve profitability.”
The targeted locations represent roughly 7 percent of SFAE's square footage but less than 4 percent of the revenues.
Wilson continued, "The stores to be closed generate annual revenues of approximately $90 million. Subsequent to the closings and the one conversion, we will operate 56 Saks Fifth Avenue stores with 6.2 million square feet of space and 52 Off 5th stores with 1.5 million square feet."