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Saks To Close Denver Store

The Saks Fifth Avenue flagship in New York City.
The Saks Fifth Avenue flagship in New York City.

(Filed Under Fashion News). Saks Inc. announced Wednesday that it plans to close its Saks Fifth Avenue store in the Cherry Creek Mall in Denver, Colo. on March 19, which will mark its seventh store closure since last July.

Saks said that it will offer the approximately 100 associates employed by the Denver store transfer opportunities or severance packages. The store opened in 1990 and measures about 87,000-square-feet.

During 2010, Saks closed Saks Fifth Avenue locations in Mission Viejo and San Diego, Calif.; Southampton, N.Y.; Portland, Ore.; Charleston, S.C.; and Plano, Tex.

“We routinely assess the productivity, profitability and potential for each store in our portfolio and may conclude a closing is appropriate from time to time. Our strategy is to deploy our resources in our most productive stores and to close underperforming stores, when feasible.”

Saks expects to realize an after-tax gain of approximately $6 million in the fourth quarter ending January 29 related to the Denver store closing.

As of January 6, Saks Inc. operated 47 Saks Fifth Avenue stores and 57 OFF 5TH stores.

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Published 01-05-2011 by Amanda Torres Price

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