December 18, 1998 |
Upscale retailer Saks Fifth Avenue will anchor a remodeled Palos Verdes mall when it reopens next fall, its developers said Thursday. Birmingham, Ala.-based Saks Inc. has signed an agreement to open a 42,000-square-foot "Main Street"-format store in the center formerly known as the Shops at Palos Verdes. Saks' smaller Main Street stores cater to suburban tastes. It will be the ninth such store Saks has opened in wealthy neighborhoods around the country.
December 15, 1998 |
Saks Fifth Avenue late last week opened its newest department store in California. But don't look for it in a mall. The retailer opened a 38,400-square-foot outlet in Old Pasadena, where preservation and renovation efforts have paid off in a bustling urban shopping district that draws more than 50,000 people on its busiest days. The two-level store is in a renovated Art Deco-style building that once housed the Penn Oil & Supply Co.
July 6, 1998 |
Luxury retailer Saks Fifth Avenue has agreed to be bought by Birmingham, Ala.-based Proffitt's Inc., one of the country's fastest-growing, but less glamorous, department store chains, for $2.1 billion in stock, the firms said Sunday. The combined company, which will be headed by former Tennessee legislator R. Brad Martin, would operate 330 stores in 38 states with estimated 1998 revenue of more than $6 billion. Proffitt's parent company, which moved recently from Knoxville, Tenn.
June 26, 1998 |
Saks Fifth Avenue said Thursday that it is exploring strategic changes such as a sale or merger. Sources close to the deliberations said the company is also considering the possibility of a management-led leveraged buyout. The majority owner of Saks is Investcorp International, a Bahrain-based investment bank with a history of profitably selling off its stakes in upscale retail operations. However, sources say Saks' board actually initiated the exploration of options.
May 8, 1998 |
Joining a growing list of aging Orange County malls lined up for a face-lift, the owners of the weary Mission Viejo Mall said Thursday they are launching the long-awaited renovation of their center. And in news that's likely to cheer upscale South County shoppers, they announced that tony Saks Fifth Avenue will join Nordstrom as an anchor store at the mall. "That's quite a coup for us," said Art Spellmeyer, senior vice president of development for the Simon DeBartolo Group, which owns the mall.
September 5, 1997 |
New York-based Saks Holdings Inc., owner of upscale retailer Saks Fifth Avenue, announced that its president, Rose Marie Bravo, had resigned to head London-based Burberrys Worldwide. Philip Miller, Saks chairman and chief executive officer, will assume her responsibilities for merchandising and marketing activities. Bravo has been president since 1992. Industry analysts said her departure will let Saks shake up its executive ranks and look for new ways to boost sales and profit.
December 7, 1996 |
Escalating the battle for upscale shoppers, the operator of Saks Fifth Avenue said Friday that it will nearly double its presence in Southern California over the next two years, opening three stores in the region and 17 others nationwide. "This is a clear endorsement of the high-end market, particularly in Southern California," said Richard Giss, a partner in the retail services division of Deloitte & Touche, an international accounting and business services firm.
May 23, 1996 |
Shares in Saks Fifth Avenue's holding company rose 39% in their first day of trading Wednesday as investors sought to cash in on the booming market for luxury goods. Saks Holdings Inc. stock rose $9.625 to close at $34.625 in New York Stock Exchange trading of 11.6 million shares, making it the second-most active issue in U.S. markets. Saks sold 16 million shares, a 26% stake, at $25 each to raise $400 million. "We knew it was going to go up, but not like this.
May 22, 1996 |
There is much that glitters on the counters and racks of Saks Fifth Avenue, but to Wall Street, nothing shines as bright as the retailer itself. Investors are expected to scarf up shares in Saks' parent, Saks Holdings Inc., when it goes public today. Saks' initial stock offering couldn't be timed more perfectly--it comes as upscale stores are enjoying success on the trading floor as well as the selling floor.