Saks Fifth Ave. plans to close Palo Alto unit. (Palo Alto, California) (Brief Article)

Daily News Record, February, 1994

NEW YORK -- Saks Fifth Avenue has decided to convert its full-line store in Palo Alto, Calif., into a Clearinghouse until it is able to find a new tenant for the location.

In a statement, Philip Miller, chairman and CEO of Saks, said: "After an extensive review of the store's performance and opportunities, we have determined that continuing to operate a full-service store in Palo Alto is not the best use of our resources. We are actively working with the landlord to find an appropriate tenant to take over our lease."

Miller added that the store will hold a clearance sale at the store over the next 60 days and will then operate the unit as a Clearing-house until a new tenant moves in.

The unit will be closed to teh public today and will...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.