Saks Incorporated (NYSE: SKS) (“Saks” or the “Company”) today
announced its plans to open seven new Saks Fifth Avenue OFF 5TH
stores in 2014: The Outlets at Bloomfield in Pearl, MS; Potomac
Mills in Woodbridge, VA; Palm Beach Outlets in West Palm Beach, FL;
Outlet Shoppes at Louisville/Lexington, KY; Twin Cities of Eagan in
Minneapolis, MN; The Mayfair Collection in Mayfair, WI; and Easton
Gateway in Columbus, OH.
“We look forward to the continued expansion of the Saks Fifth
Avenue OFF 5TH store base into new markets and to provide our
customers with a state-of-the-art shopping environment,” noted
Robert Wallstrom, President of Saks Fifth Avenue OFF 5TH. “The
seven new stores are located in key communities and will be
important additions to the company. We are excited to serve the
customers of these communities with premium designer brands at an
extraordinary value.”
The stores will range from 25,000 to 28,000 square feet and will
be modeled in Saks Fifth Avenue OFF 5TH’s luxury-in-a-loft store
design. Since its debut in 2008, the innovative layout has been
well received and set a new standard in outlet shopping. The design
maximizes efficiency and flexibility, enabling easy changes in the
general layout. The new stores will be bright and uncluttered, with
no hard aisles and one consistent, hard-surface floor throughout.
All fixtures will be on casters, ensuring ease in movement, and all
hardware will be interchangeable between fixtures.
A distinctive assortment of luxury brands at great prices will
be available in the new stores. Shoppers will have access to a
broad selection in key merchandise categories such as womenswear,
menswear, children’s, fine jewelry, beauty, shoes, handbags and
sunglasses.
In celebration of the openings, each new store will host local
launch festivities with special discounts and giveaways.
Additionally, customers will be able to participate in Saks Fifth
Avenue OFF 5TH’s MORE! Rewards loyalty program. This free program
offers weekly discounts, sales and promotions on merchandise
throughout the store.
About Saks and Saks Fifth Avenue OFF
5TH
Saks Incorporated currently operates 41 Saks Fifth Avenue
stores, 70 Saks Fifth Avenue OFF 5TH stores, and saks.com.
Saks Fifth Avenue OFF 5TH is a world-class, full-service
destination for value-priced clothes and accessories for men,
women, children and the home. The retailer’s stores combine the two
great joys of shopping: the delight of finding the very best and
the thrill of the deal. Highly coveted designers are displayed
alongside exclusive Saks brands you won’t find anywhere else, all
in a luxury-in-a-loft environment that can showcase an emerging
trend one day and a great deal the next. Saks Fifth Avenue OFF 5TH
simply offers more style, more savings and more service than any
other value retailer.
As previously disclosed, the Company entered into a merger
agreement on July 28, 2013 with Hudson’s Bay Company (“HBC”). The
planned transaction has been approved by each company's board of
directors and is expected to close before the end of the calendar
year, subject to approval by Saks’ shareholders and other customary
closing conditions.
Forward-looking
Information
The information contained in this press release that addresses
future results or expectations is considered “forward-looking”
information within the definition of the Federal securities laws.
Forward-looking information in this document can be identified
through the use of words such as “may,” “will,” “intend,” “plan,”
“project,” “expect,” “anticipate,” “should,” “would,” “believe,”
“estimate,” “contemplate,” “possible,” and “point.” The
forward-looking information is premised on many factors, some of
which are outlined below. Actual consolidated results might differ
materially from projected forward-looking information.
The forward-looking information and statements are or may be
based on a series of projections and estimates and involve risks
and uncertainties. These risks and uncertainties include such
factors as: (1) the occurrence of any event, change or other
circumstances that could give rise to the termination of Saks’
merger agreement with Hudson’s Bay Company (“HBC”), (2) the failure
to obtain Saks shareholder approval of the merger with HBC or the
failure to satisfy any of the other closing conditions to the
merger, (3) the failure of HBC to obtain the necessary financing
arrangements set forth in the debt commitment letter and equity
investment agreement providing for its financing of the merger, (4)
risks related to disruption of management’s attention from Saks’
ongoing business operations due to the transaction, (5) the effect
of the announcement of the merger on the ability of Saks to retain
and hire key personnel and maintain relationships with its
customers, suppliers and others with whom it does business, or on
its operating results and business generally, (6) the level of
consumer spending for luxury apparel and other merchandise carried
by the Company and its ability to respond quickly to consumer
trends; (7) macroeconomic conditions and their effect on consumer
spending; (8) the Company’s ability to secure adequate financing;
(9) adequate and stable sources of merchandise; (10) the
competitive pricing environment within the retail sector; (11) the
effectiveness of planned advertising, marketing, and promotional
campaigns; (12) favorable customer response to relationship
marketing efforts of proprietary credit card loyalty programs; (13)
appropriate inventory management; (14) effective expense control;
(15) successful operation of the Company’s proprietary credit card
strategic alliance with Capital One Financial Corporation; (16)
geo-political risks; (17) weather conditions and natural disasters;
(18) the performance of the financial markets; (19) changes in
interest rates; and (20) fluctuations in foreign currency and
exchange rates.
Additional factors that may cause Saks’ actual results to differ
materially from those described in the forward-looking statements
may be found in Saks’ filings with the SEC, including its Annual
Report on Form 10-K for the fiscal year ended February 2, 2013, its
Quarterly Reports on Form 10-Q, and its Current Reports on Form
8-K, which may be accessed via the Internet at www.sec.gov.
The Company undertakes no obligation to correct or update any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Additional Information and Where to
Find It
This press release does not constitute a solicitation of any
vote or approval. In connection with the proposed merger, Saks will
file with the Securities and Exchange Commission (the “SEC”) and
mail or otherwise provide to its shareholders a proxy statement
regarding the proposed transaction. BEFORE MAKING ANY VOTING
DECISION, SAKS’ SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT
IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS
FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED MERGER OR
INCORPORATED BY REFERENCE THEREIN BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER AND THE PARTIES TO
THE PROPOSED MERGER. Investors and security holders may obtain a
free copy of the proxy statement and other documents that Saks
files with the SEC (when available) from the SEC’s website at
www.sec.gov and Saks’ website at www.saksincorporated.com. In
addition, the proxy statement and other documents filed by Saks
with the SEC (when available) may be obtained from Saks free of
charge by directing a request to Saks Incorporated, Investor
Relations Department, 12 East 49th Street, New York, New York
10017, 865-981-6243.
Saks and its directors, executive officers and employees may be
deemed, under SEC rules, to be participants in the solicitation of
proxies from Saks’ shareholders with respect to the proposed
acquisition of Saks by HBC. Security holders may obtain information
regarding the names, affiliations and interests of such individuals
in Saks Annual Report on Form 10-K for the fiscal year ended
February 2, 2013, and its definitive proxy statement for the 2013
annual meeting of shareholders. Additional information regarding
the interests of such individuals in the proposed acquisition of
Saks by HBC will be included in the proxy statement relating to
such acquisition when it is filed with the SEC. These documents may
be obtained free of charge from the SEC’s website at www.sec.gov
and Saks website at www.saksincorporated.com.
Saks (NYSE:SKS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Saks (NYSE:SKS)
Historical Stock Chart
From Apr 2023 to Apr 2024