Saks closing 10 retail stores (700 JOBS)

[cthrumatrix]

Saks closing 10 retail stores, converting one store (SKS)

By
Jennifer Inez Ward

SAN FRANCISCO (CBS.MW) -- Saks (SKS) said Friday afternoon it is closing 8 Saks Fifth Avenue stores and three Off 5th stores. The company said one of the Saks Fifth Avenue stores to be closed will be converted into an Off 5th store. Saks said the closings affect 700 of its associates. The retail giant said all affected associates will either be offered transfer opportunites to other stores or will receive severance packages. Saks said it will record a $35 million non-cash charge in the fiscal year for the closings. The company said it anticipates it will incur a charge in the range of $25 million to $35 million in future periods, principally 2005.

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?siteid=mktw&dateid=38261.6196759259-822236625&

[Renew Deal]

1. I can't imagine that they would close the one on 5th ave.

They have a couple of these on the island. Sucks for the workers.

[TexasBushwhacker]

2. Someone told me last night that Motorola is laying off 1000

in Austin.

[JI7]

3. does this mean people with higher income jobs are having trouble also

[SoCalDem]

4. Why shop at Saks, when we can all pile into the Escalade and

head for Walmart:)