Things are not looking bright for Saks. They have just announced that the luxury chain will be shuttering up to 20 out of the 53 units.
Last month after Saks revealed that it was closing two of its Portland, Ore. stores this year, it triggered rumors of lack of profit in the Saks Fifth Avenue house.Though many are still positive about the brand, things cannot be looking up if they are thinking of losing almost half of their stores.
"We are feeling much more optimistic about where the economy is going and the state of the consumer. There are [still] a lot of clouds out there, but you are seeing a mind-set change among the consumers.…We are seeing a resurgence in areas that were dead in the water, ” said Stephen I. Sadove, chairman and chief executive officer of Saks Inc.
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