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May 12, 2008 2:22 pm US/Eastern

Saks To Close Galleria Location This July

61-Plus Employees Will Be Affected

Saks Operates 10 Stores In Florida

NEW YORK (CBS4) ― Dozens of employees of Saks Fifth Avenue in Ft. Lauderdale will be given the sack when their store in the Galleria Mall is shutdown.

Parent company Saks Incorporated said it will close the 73-thousand square foot location on July 20th, 2008. All employees will be offered a transfer to other Sak's stores in South Florida or be given a severance package.

"We are very grateful for the dedicated Ft. Lauderdale team, several of whom have been with Saks for many years. We will make every effort to provide needed assistance to our associates during this period," said Steve Sadove, Chairman and Chief Executive Officer of Saks.

The clothing retailer operates 10 other stores in the state including locations in Miami, Bal Harbour, Boca Raton Palm Beach, and the newly expanded location in Palm Beach Gardens.

Saks Incorporated currently operates Saks Fifth Avenue, which consists of 54 Saks Fifth Avenue stores, 48 Saks Off 5th stores, and saks.com. The Company also operates Club Libby Lu specialty stores.

(© MMVIII, CBS Broadcasting Inc. All Rights Reserved.)

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