Saks Incorporated to Close Its Saks Fifth Avenue Store in Tampa, Florida

  Saks Incorporated to Close Its Saks Fifth Avenue Store in Tampa, Florida

Business Wire

NEW YORK -- April 23, 2013

Retailer Saks Incorporated (NYSE: SKS) (“Saks” or the “Company”) today
announced that it plans to close its Saks Fifth Avenue store located in the
WestShore Plaza in Tampa, Florida on May 4, 2013.

Steve Sadove, Chairman and Chief Executive Officer of Saks, commented, “This
planned closing is in line with our strategy of using our resources in our
most productive Saks Fifth Avenue stores. We regularly assess the
productivity, profitability, and potential of each of our stores and may
determine that a closing is appropriate from time to time.”

Approximately 105 associates are employed in the Tampa store. All affected
full-time and part-time associates either will be offered transfer
opportunities or will receive appropriate employment separation packages.
Sadove further noted, “These decisions are always difficult. We are extremely
appreciative of our Tampa store associates, several of whom have worked with
us for many years. We are committed to giving our associates needed assistance
during this period.”

The Company has operated its Saks Fifth Avenue store in Tampa since 1998. The
Company operates nine other Saks Fifth Avenue stores throughout Florida,
including a store in nearby Sarasota. The Company plans to open a new Saks
Fifth Avenue store in Sarasota’s Mall at University Town Center in 2014,
meaningfully expanding its presence in that market. The Company also operates
seven Saks Fifth Avenue OFF 5TH outlet stores throughout the state.

Saks Incorporated currently operates 43 Saks Fifth Avenue stores, 66 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; weather conditions and
natural disasters; 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
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.

Contact:

Saks Incorporated
Julia Bentley, 865-981-6243
www.saksincorporated.com
 
Press spacebar to pause and continue. Press esc to stop.