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RAPAPORT... Saks Incorporated will close its Saks Fifth Avenue stores located at Renaissance Place in Highland Park, Illinois and the Aboretum Market in Austin, Texas on December 31, 2012.
Saks stated that 60 associates are employed in the Highland Park store, while approximately 64 associates are employed in the Austin store. Those employees will either be offered transfer opportunities or a separation package. Steve Sadove, the chairman of Saks, explained, “We routinely assess the productivity, profitability, and potential of each of our stores and may conclude closings are necessary from time to time. These planned closings are consistent with our strategy of employing our resources in our most productive locations.” The Highland Park store opened in the year 2000 and is approximately 49,000 square feet. Saks will continue to serve its metropolitan Chicago customers at its flagship store located on Michigan Avenue. The Austin store opened in 1997 and is approximately 52,000 square feet. Saks operates 45 Saks Fifth Avenue stores, 64 Saks Fifth Avenue OFF 5TH stores and saks.com.
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