Saks Incorporated to Close Its Saks Fifth Avenue Store in Stamford, Connecticut

  Saks Incorporated to Close Its Saks Fifth Avenue Store in Stamford,
  Connecticut

Business Wire

NEW YORK -- February 15, 2013

Retailer Saks Incorporated (NYSE: SKS) (“Saks” or the “Company”) today
announced that it plans to close its Saks Fifth Avenue store located in
Stamford Town Center in Stamford, Connecticut. The store is expected to close
in early 2014.

Steve Sadove, Chairman and Chief Executive Officer of Saks, commented, “We
routinely evaluate the productivity, profitability, and potential of each of
our store locations and may determine that closing a store is the right course
of action from time to time. This planned closing is consistent with our
strategy of utilizing our resources in our most productive Saks Fifth Avenue
stores.”

Approximately 80 associates are employed in the Stamford store. All affected
associates either will be offered transfer opportunities or will receive
appropriate employment separation packages. “Store closing decisions are never
easy,” continued Sadove. “We are very thankful for our Stamford associates,
many of whom have worked with Saks for a number of years. As always, we are
committed to providing our associates with needed assistance during this
time.”

The Company has operated its Saks Fifth Avenue store in Stamford since 1983.
The Company will continue to serve its customers in other nearby Saks Fifth
Avenue stores including its New York City flagship and in the Greenwich,
Connecticut location.

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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