Fans of high-end retail shopping may be in for some sadness. The CEO of Saks & Company says they are definitely closing two Saks Fifth Avenue stores in Portland, OR, and that other underperforming stores may soon be on the chopping block.
According to CEO Stephen Sadove, decisions on which money-losing stores get the axe will be made as each store’s lease comes up for renewal. He said that breaking the lease would be more expensive than continuing to operate an underperforming outlet.
There are currently 53 Saks Fifth Avenue stores and 55 Off 5th outlet stores. Sadove says the company’s goal is to focus on “our most productive stores.”
Though they’re both in the Pioneer Place Mall, the two Portland stores have different closing dates. The men’s store is slated to be shuttered by the end of April, while the main store remain open until July 31. So readers in the Portland area should keep their eyes open for bargains as those dates near.
CEO says Saks may close a few stores [Reuters]