Saks Incorporated to Close Its Saks Fifth Avenue Store in Dallas, Texas

  Saks Incorporated to Close Its Saks Fifth Avenue Store in Dallas, Texas

Business Wire

NEW YORK -- January 29, 2013

Retailer Saks Incorporated (NYSE: SKS) (“Saks” or the “Company”) today
announced that it plans to close its Saks Fifth Avenue store located in
Galleria Dallas in Dallas, Texas on June 15, 2013.

“The planned closing of our Dallas store is consistent with our strategy of
employing our resources in our most productive locations,” noted Steve Sadove,
Chairman and Chief Executive Officer of Saks. “We regularly assess the
productivity, profitability, and potential of each of our store locations and
may determine that a closing is appropriate from time to time.”

Approximately 120 associates are employed in the Dallas store. All affected
associates either will be offered transfer opportunities or will receive
appropriate employment separation packages. Sadove continued, “These store
closing decisions are always difficult. We are extremely appreciative of our
associates in the Dallas store, several of whom have been with Saks for many
years. We are committed to providing our associates with needed assistance
during this period.”

The Company has operated a Saks Fifth Avenue store in Dallas since 1982. The
Company will continue to operate its Saks Fifth Avenue stores in Houston and
San Antonio and several Saks Fifth Avenue OFF 5TH stores throughout the state,
including three in the metro Dallas-Fort Worth area (Grapevine Mills, Shops at
Park Lane, and Grand Prairie Premium Outlets).

Saks Incorporated currently operates 43 Saks Fifth Avenue stores, 65 Saks
Fifth Avenue OFF 5TH stores, and saks.com. Saks Fifth Avenue is proud to be
named a J.D. Power and Associates 2012 Customer Service Champion and is only
one of 50 U.S. companies so named.

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: the level of consumer spending for
luxury apparel and other merchandise carried by the Company and its ability to
respond quickly to consumer trends; macroeconomic conditions and their effect
on consumer spending; the Company’s ability to secure adequate financing;
adequate and stable sources of merchandise; the competitive pricing
environment within the retail sector; the effectiveness of planned
advertising, marketing, and promotional campaigns; favorable customer response
to relationship marketing efforts of proprietary credit card loyalty programs;
appropriate inventory management; effective expense control; successful
operation of the Company’s proprietary credit card strategic alliance with
Capital One Financial Corporation; geo-political risks; the performance of the
financial markets; changes in interest rates; and fluctuations in foreign
currency and exchange rates. For additional information regarding these and
other risk factors, please refer to the Company’s filings with the SEC,
including its Annual Report on Form 10-K/A for the fiscal year ended January
28, 2012, 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.

Contact:

Saks Incorporated
Julia Bentley, 865-981-6243
www.saksincorporated.com
 
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