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graydog

Saks to be broken up and sold

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Saw a story today that Saks Inc. is about to be sold piecemeal. They also have agreed to repay vendors $48 million for taking inappropriate markdown credits. http://today.reuters.com/investing/finance...5-48_N2625317:1

They don't sound like a company that will expand anytime soon. First they've got to get the company under control and turned around. Then the new buyer will need to decide future direction. I wouldn't be surprised if they closed some smaller market stores to cut costs.

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Would they close the store after only being open a year or so? I would think that they would be stuck in a lease agreement or something for at least a decade. Or do they own the Raleigh store? Maybe they could turn it into an Off 5th hehehe. I wonder how the one in Morrisville does in terms of sales....

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Turn it into an IKEA. They had eyed Triangle Town Center anyways.

<{POST_SNAPBACK}>

In the last round of Saks store closings, several stores that had been open for only a short amount of time (eg, North East Mall in Hurst, TX) were closed.

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Maybe it's better that Charlotte never got one and that Dee Dee failed. Had Dee Dee not screwed up then we may be left with an empty Saks instead of a nice full Neiman Marcus. That would be a tough blow for Raleigh, first Lord and Taylor and then Saks. Once again though, that is good news for Charlotte retail. If Raleigh's Saks closed then Charlotte would have total control of the Carolina luxury shopping market. Maybe someone like NM would swoop in and scoop Raleigh business. I wonder what would happen to the Charleston Saks? Maybe Belk will buy some real Saks and drop one in Charlotte... well I doubt it.

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Would they close the store after only being open a year or so? I would think that they would be stuck in a lease agreement or something for at least a decade. Or do they own the Raleigh store? Maybe they could turn it into an Off 5th hehehe. I wonder how the one in Morrisville does in terms of sales....

<{POST_SNAPBACK}>

An Saks Off 5th could happen at Triangle Town Center but really, I'm just seeing closure. The lease could be cheaper to pay with the empty store than trying to run a losing operation.

There's precedent for quick store closures. Lord & Taylor and Macy's both have closed stores that they've operated for a short while.

In fact Macy's is getting ready to close a store in California that hasn't even opened yet! They say they're going to open and finish out their lease and close it thereafter if a buyer doesn't come around, kind of like Lord & Taylor is doing at Crabtree.

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hi i usually post only on the triangle forum but i happen to past this forum and was reading all of your comments. My first question is do any of you live in raleigh? second, what and where are you getting information that our SAKS is not doing well? Third why do you want it fail so much? we didn't fail your saks opening dee-dee did! I beleive our saks is in the worng location but but our market can sustain it. If you guys have crediable, not speculative information please past it along.

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I've always wondered, if Lord & Taylor had announced their closing a little earlier if Saks would have gone to Crabtree instead of TTC....

Part of Lord & Taylor's problem was that the name means little to people in NC, it really has no value anywhere except for maybe the northeast. The Crabtree store doesn't look special at all anyway, it reminds me of an older Belk or JCPenney inside, except that they sell only clothing, and maybe shoes (they may have a cosmetics counter, I can't recall). Perhaps if the company had remained strong enough to open up a couple of more locations in upscale malls in NC it might have caught on a little better, but alas the company as a whole is closing non northeast stores like crazy.

I believe that Saks, with it's name recognition would have fit in at Crabtree much better. The TTC store is a very nice store inside though. Feels very upscale, but I'm not going to pay the Off 5th prices at the outlet mall in Morrisville, let alone actual Saks prices. The outside of the store is a tad spartan though...maybe they were going for simple elegance or something...

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hi i usually post only on the triangle forum but i happen  to past this forum and was reading all of your comments.  My first question is do any of you live in raleigh? second,  what and where are you getting information that our SAKS is not doing well?  Third why do you want it fail so much? we didn't fail your saks opening dee-dee did!  I beleive our saks is in the worng location but but our market can sustain it.  If you guys have crediable, not speculative information please past it along.

<{POST_SNAPBACK}>

I don't want Saks to fail in the Triangle. Apparently the word was that The Jacobs Group bagged Saks, but it's location just never allowed it to be all that, and inside sources had said that the TTC Saks store just wasn't doing so well. I think it'd be great if Saks got the former L&T space at Crabtree... and if Charlotte doesn't get Saks, it's ok

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I've always wondered, if Lord & Taylor had announced their closing a little earlier if Saks would have gone to Crabtree instead of TTC....

Part of Lord & Taylor's problem was that the name means little to people in NC, it really has no value anywhere except for maybe the northeast. The Crabtree store doesn't look special at all anyway, it reminds me of an older Belk or JCPenney inside, except that they sell only clothing, and maybe shoes (they may have a cosmetics counter, I can't recall). Perhaps if the company had remained strong enough to open up a couple of more locations in upscale malls in NC it might have caught on a little better, but alas the company as a whole is closing non northeast stores like crazy.

<{POST_SNAPBACK}>

Saks would have definately worked better at Crabtree, and still might if they don't file bankruptcy or something.

The name recognition wasn't Lord & Taylor's problem. Neither was the decor. The problem was that the store was filled with crappy, cheap merchandise that had no flair combined with really awful service and a sh*tty return policy. how's aperson supposed to feel about their purchase if it's priced $10 more than Hecht's for the exact same thing, badly made and whwen you want to return it, all you get is a sassle? I feel sad that L&T's leaving town, but no better than they were to Raleigh, it's no wonder Raleigh wasn't good to them.

They need to get out so Neiman's can come in :D

post-1659-1126266588_thumb.jpg

post-1659-1126266588_thumb.jpg

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i thought you knew i was :) lol

<{POST_SNAPBACK}>

I had an inkling. But I was never quite sure.

I have to thank you from the bottom of my retail-loving heart. Your pictures gave LiveMalls its start. :)

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I had an inkling.  But I was never quite sure.

I have to thank you from the bottom of my retail-loving heart.  Your pictures gave LiveMalls its start.  :)

<{POST_SNAPBACK}>

Thanks, I'm really glad my pictures were able to contribute to a wonderful website! Live Malls is awesome

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Thanks, I'm really glad my pictures were able to contribute to a wonderful website! Live Malls is awesome

<{POST_SNAPBACK}>

Thanks. I try :) I'm putting in more store photos. slowly but surely.

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Prospects look better for Saks Fifth Avenue in Charlotte. According to The News & Observer, the Raleigh store at Triangle Town Center is doing better than most of us here thought. Success in Raleigh could mean a new Charlotte store is imminent.

The joy of Saks - High-end store warming up relationship after a year in Triangle

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Good for Saks TTC then...and possible good news for Clt

Although, after reading the article i'm surprised they still don't carry Prada and Gucci, i wonder if they'd carry that in a Charlotte store

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Good for Saks TTC then...and possible good news for Clt

Although, after reading the article i'm surprised they still don't carry Prada and Gucci, i wonder if they'd carry that in a Charlotte store

<{POST_SNAPBACK}>

Prada and Gucci are harder lines to sell in places like Raleigh, becuse it's a conservative city fashion-wise. Charlottte's a bit more progressive so if Saks makes it here, it'll probably carry those lines; that is, if Neiman Marcus doesn't beat them to it.

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