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| Saks to close its Charleston Fifth Avenue store |
| Saks to close its Charleston Fifth Avenue store |
| May 17, 2010 |
Saks Inc said it is going to shut its Charleston, South Carolina Saks Fifth Avenue store by July 17, as the high-end department store chain operator continues to pull the plug on underperforming locations.
Like rivals Neiman Marcus Group Inc, Macy's Inc's Bloomingdale's and Nordstrom Inc, Saks is looking to tap the lower-priced sector for more growth as it ramps up opening Saks Fifth Avenue OFF 5TH stores.
It had earlier announced plans to close its Portland, Oregon and San Diego Saks Fifth Avenue stores in July.
"The planned closing of our Charleston store is consistent with our focus of utilizing our resources in our most productive stores," Chief Executive Steve Sadove said.
The 33,000 square feet Charleston outlet employs 60 associates. All those affected by the closure will be offered transfer opportunities or will receive severance packages, the company said.
In March, CEO Sadove had said Saks could eventually close perennially money-losing locations but that any closings "are predicated on whether there is a lease coming due.
Saks shares were trading up 2 percent at $9.28 Monday on the New York Stock Exchange |
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