Content about Saks Inc.

June 11, 2014

Steve Sadove, former chairman and CEO of Saks Inc., has asked consulting firm Marvin Traub Associates to launch a new division focused on innovative technologies, concepts and platforms in the retail and consumer industries

New York — Steve Sadove, former chairman and CEO of Saks Inc., has joined consulting firm Marvin Traub Associates to launch a new division focused on  innovative technologies, concepts and platforms in the retail and consumer industries. Sadove is heading up the new Traub Accelerator division as co-founder, and will also advise Traub’s traditional clients and join the board of directors.

June 3, 2014

Hudson's Bay Co. (HBC) swung to a profit in its first quarter, boosted by strong sales at Saks Inc., which it acquired last year.

Toronto -- Hudson's Bay Co. (HBC) swung to a profit in its first quarter, boosted by strong sales at Saks Inc., which it acquired last year. Hudson's Bay has announced plans to bring Saks to Canada, starting with two locations in Toronto in 2015.

November 4, 2013

Canada’s Hudson's Bay Co. said that it has completed its $2.4 billion acquisition of Saks Inc.

Toronto -- Canada’s Hudson's Bay Co. said Monday that it has completed its $2.4 billion acquisition of Saks Inc. Saks shareholders overwhelmingly approved the sale of the New York company during a special meeting on Wednesday. The combined company will operate a total of 320 stores, including 179 full-line specialty department stores, 72 outlet stores and 69 home stores in prime locations throughout the U.S., and Canada, along with three e-commerce sites.

October 22, 2013

Saks Inc. has settled lawsuits from investors related to its proposed buyout by Hudson’s Bay Company (HBC).

New York – Saks Inc. has settled lawsuits from investors related to its proposed buyout by Hudson’s Bay Company (HBC). According to Bloomberg, Saks has reached an agreement that reduces the termination fee it would pay HBC in the event the purchase does not happen and reduces the time Saks has to seek alternative offers

October 9, 2013

J.C. Penney Co. announced that departing Saks Inc. CEO and chairman Stephen Sadove has been elected to its board of directors.

Plano, Texas -- J.C. Penney Co. announced that departing Saks Inc. CEO and chairman Stephen Sadove has been elected to its board of directors.

Sadove's  election is effective upon his leaving Saks, which will occur once the acquisition of the upscale department store by Hudson's Bay Company is completed, which is expected by the end of the year.

Sadove is a highly regarded industry veteran. He is the current chairman of the National Retail Federation.

September 18, 2013

Saks Inc. plans to open seven new Saks Fifth Avenue Off 5th stores in 2014: The Outlets at Bloomfield in Pearl, Miss.; Potomac Mills in Woodbridge, Va.; Palm Beach Outlets in West Palm Beach, Fla; Outlet Shoppes at Louisville/Lexington, Ky.; Twin Cities of Eagan in Minneapolis, Minn.; The Mayfair Collection in Mayfair, Wis.; and Easton Gateway in Columbus, Ohio.

New York – Saks Inc. plans to open seven new Saks Fifth Avenue Off 5th stores in 2014: The Outlets at Bloomfield in Pearl, Miss.; Potomac Mills in Woodbridge, Va.; Palm Beach Outlets in West Palm Beach, Fla; Outlet Shoppes at Louisville/Lexington, Ky.; Twin Cities of Eagan in Minneapolis, Minn.; The Mayfair Collection in Mayfair, Wis.; and Easton Gateway in Columbus, Ohio.

September 16, 2013

Saks Inc. announced that its chairman and CEO, Stephen I. Sadove, along with the company’s president and chief merchant, Ronald L. Frasch, plan to leave the company following the closing of its acquisition by Canadian retailer Hudson's Bay Co.

New York -- Saks Inc. announced that its chairman and CEO, Stephen I. Sadove, along with the company’s president and chief merchant, Ronald L. Frasch, plan to leave the company following the closing of its acquisition by Canadian retailer Hudson's Bay Co.

September 11, 2013

The planned merger between Saks Inc. and Hudson’s Bay Company (HBC) took another step forward with the expiration of the 40-day “go shop” period for Saks on Sept. 6.

New York -- The planned merger between Saks Inc. and Hudson’s Bay Company (HBC) took another step forward with the expiration of the 40-day “go shop” period for Saks on Sept. 6. As previously disclosed, the merger agreement entered into on July 28, 2013 between Saks and HBC contained a 40-day “go-shop” period during which Saks was permitted to solicit alternative proposals from third parties.

September 5, 2013

Saks Inc. will open a new flagship store immediately adjacent to its existing location in the Houston Galleria, featuring 198,000 sq. ft. over two levels and a state-of-the-art store design.

Houston -- Saks Inc. will open a new flagship store immediately adjacent to its existing location in the Houston Galleria, featuring 198,000 sq. ft. over two levels and a state-of-the-art store design. The current store will remain open until the new store opens in fall 2015. Once the old store closes, it will be converted to a two-level mall wing connecting the new Saks to Neiman Marcus and adding 35 retailers and restaurants.

August 19, 2013

Saks Inc. on Monday reported a worse than expected second-quarter loss amid disappointing sales of shoes and handbags.

New York -- Saks Inc. on Monday reported a worse than expected second-quarter loss amid disappointing sales of shoes and handbags. 

Saks, which last month reached a deal to be acquired by Canada's Hudson's Bay Co., had a net loss of $19.6 million for the quarter ended Aug. 3, compared with a net loss of $12.3 million a year earlier.

Overall sales rose 0.5% to $707.8 million for the quarter. Same-store sales rose 1.5%, below the 4.5% increase analysts had expected.

August 8, 2013

Law firm Morgan & Morgan is investigating potential legal claims against the board of directors of Saks Inc. relating to the proposed acquisition of Saks by Hudson's Bay Company.

New York – Law firm Morgan & Morgan is investigating potential legal claims against the board of directors of Saks Inc. relating to the proposed acquisition of Saks by Hudson's Bay Company. Morgan & Morgan's investigation concerns whether Saks' board of directors breached its fiduciary duties to act in the best interests of Saks' shareholders and to take all necessary steps to ensure that Saks' shareholders receive the maximum value readily available for their shares of Saks common stock.

July 29, 2013

Hudson’s Bay Company has reached a deal to buy Saks Inc., in a deal that is expected to bring the luxury department store company to Canada.

NEW YORK — Hudson’s Bay Company has reached a deal to buy Saks Inc., in a deal that is expected to bring the luxury department store company to Canada. The Canadian retail conglomerate, which which operates Lord & Taylor in the United States and Hudson Bay in Canada, will purchase Saks for a total of about $2.9 billion. Purchase price includes $16 per share of Saks as well as the assumption of Saks’ debt.

July 22, 2013

Starwood Capital Group LLC, the investment firm headed by real estate developer Barry Sternlicht, has joined the bidding for Saks Inc., according to a report by the New York Post.

New York -- Starwood Capital Group LLC, the investment firm headed by real estate developer Barry Sternlicht, has joined the bidding for Saks Inc., according to a report by the New York Post. Starwood Capital invests in retail, office and residential real estate.

The bid by Starwood is worth about $2.5 billion, or $17-$18 per share, according to the report. The amount is roughly equal to a previously existing bid from Canadian retail conglomerate Hudson’s Bay, which also owns the Lord & Taylor department store chain.

May 21, 2013

Saks Incorporated reported a roughly 5% increase in total sales between first quarter 2012 and first quarter 2013, although net income dropped during that same time period.

New York – Saks Incorporated reported a roughly 5% increase in total sales between first quarter 2012 and first quarter 2013, although net income dropped during that same time period. Total sales for the first quarter of this year were $793.2 million, up from $753.6 million in the first quarter of last year. However, net income of $20 million for first quarter 2013 was down close to 40% from $32.7 million for first quarter 2012. Same store sales increased 5.9%.

April 23, 2013
Saks Inc. says it plans to close its Saks Fifth Avenue store in WestShore Plaza in Tampa, Fla., on May 4.

New York -- Saks Inc. says it plans to close its Saks Fifth Avenue store in WestShore Plaza in Tampa, Fla., on May 4.

Steve Sadove, chairman and CEO 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.”

April 10, 2013

In not-so-unexpected news, a regulatory filing with the SEC revealed that J.C. Penney’s new CEO Mike Ullman has resigned from Saks Inc.’s board of directors.

New York -- In not-so-unexpected news, a regulatory filing with the SEC on Wednesday revealed that J.C. Penney’s new CEO Mike Ullman has resigned from Saks Inc.’s board of directors, effective Monday.

Saks has not yet named a replacement for Ullman.

February 15, 2013

Saks Inc. announced that it plans to close its Saks Fifth Avenue store located in Stamford Town Center in Stamford, Conn., in early 2014.

New York -- Saks Inc. announced Friday that it plans to close its Saks Fifth Avenue store located in Stamford Town Center in Stamford, Conn., in early 2014.

The shuttering is part of the department store chain’s continued right-sizing strategy. “We routinely evaluate the productivity, profitability, and potential of each of our store locations,” said Steve Sadove, CEO. “This planned closing is consistent with our strategy of utilizing our resources in our most productive Saks Fifth Avenue stores.”

January 29, 2013

Saks Inc. announced Tuesday it will shutter its Saks Fifth Avenue store in the Dallas Galleria on June 15.

New York City -- Saks Inc. announced Tuesday it will shutter its Saks Fifth Avenue store in the Dallas Galleria on June 15. The retailer has operated a store in Dallas since 1982, and the summer closing will leave some 120 associates with the choice of transfer or severance.

Simultaneous with the Saks departure announcement was news from department store chain Belk that it will fill the vacated Galleria space with a $20-million, 170,000-sq.-ft. flagship store that starts construction in July and is slated to open spring 2014. 

January 14, 2013

The National Retail Federation announced that Saks Inc. chairman and CEO Stephen I. Sadove has been elected chairman of the NRF board of directors and chairman of its executive committee.

New York -- The National Retail Federation on Monday announced that Saks Inc. chairman and CEO Stephen I. Sadove has been elected chairman of the NRF board of directors and chairman of its executive committee.

Sadove succeeds NRF’s immediate past chairman, Terry J. Lundgren, chairman, president and CEO of Macy’s.

December 27, 2012

From mobile payments to mining big data for customer insights, savvy retailers are using all the tools at their disposal to engage and connect with shoppers and provide relevant, convenient and personalized shopping experiences across all channels.

As retailers competitively position themselves for growth in 2013 and beyond, there are a number of hot buttons or key considerations that will be driving their strategies. Here is a look at some of the top ones:

Marketing and IT collaboration

November 13, 2012

Saks Inc. reported that net income for the third quarter climbed 27.2% to $22.6 million, compared with $17.8 million in the same period last year.

New York -- Saks Inc. reported Tuesday that net income for the third quarter climbed 27.2% to $22.6 million, compared with $17.8 million in the same period last year. Results surpassed analysts’ expectations.
 
Revenue edged up 3% to $713.2 million, widely missing Wall Street’s expected $762.6 million in revenue. Same-store sales rose 3.3%.

November 7, 2012

Saks Inc.’s Saks Fifth Avenue Off 5th announced that it plans to open its doors in Livermore, Calif., on Nov. 8.

New York -- Saks Inc.’s Saks Fifth Avenue Off 5th announced that it plans to open its doors in Livermore, Calif., on Nov. 8.

The new 28,132-sq.-ft. store is located in Paragon Outlets, a new outlet facility located 36 miles east of the heart of San Francisco, which will open in conjunction with Saks Fifth Avenue Off 5th on the same day.

 

October 1, 2012

Saks Inc. has opened its first Saks Fifth Avenue store in Kazakhstan, in the city of Almaty.

New York -- Saks Inc. has opened its first Saks Fifth Avenue store in Kazakhstan, in the city of Almaty.

September 17, 2012

Saks Inc. said it has launched AT&T Wi-Fi at all 44 retail locations nationwide.

New York -- Saks Inc. said Monday it has launched AT&T Wi-Fi at all 44 retail locations nationwide.

The AT&T Wi-Fi network connects shoppers with mobile tools such as the new Saks Fifth Avenue app, which offers features such as shareable wish lists, fashion look books, event calendars and more. AT&T customers with select Wi-Fi enabled devices will auto-authenticate to the in-store Wi-Fi service, so frequent shoppers will be automatically connected to Saks Fifth Avenue’s Wi-Fi each time they re-visit the store.

September 6, 2012

Saks Inc. said that it will close its Highland Park, Ill., store, located in Renaissance Place, and its Austin, Texas, store, located in the Arboretum Market.

New York -- Saks Inc. said Thursday that it will close its Highland Park, Ill., store, located in Renaissance Place, and its Austin, Texas, store, located in the Arboretum Market.

Both stores are slated to close on Dec. 31.