A famous department store is now closing in Indiana, a decision that was not made easy but had to happen according to the company.
Saks Fifth Avenue is set to shut down one of its stores in Indianapolis, Indiana.
The store is set to close in The Fashion Mall at Keystone in the north of the city, according to the IndyStar.
Mall executives and real estate investment trust Simon confirmed the news.
An exact date for the closing has not been set but Saks told The U.S. Sun that it is expected to shut in July 2024.
“Saks Fifth Avenue has decided to close our store in Indianapolis, Indiana,” the company told The U.S. Sun in a statement.
“These decisions are never easy, but they are the right ones for the company.
We are committed to treating every associate with respect and fairness throughout the process; all eligible associates will receive appropriate employment separation packages.”
Simon said this news has come along with plans to redevelop the mall.
“Simon is leading the evolution of today’s retail landscape with the strategic transformation of key properties across the country into best-in-class lifestyle destinations,” the group said in a press release.
“The redevelopment further solidifies The Fashion Mall at Keystone’s dedication to providing a stand-out retail, lifestyle and community focused destination for the region,” it added.
This mall has already been home to several other luxury retailers.
These stores have included Louis Vuitton, Gucci, and Tory Burch.
These locations are set to remain at the mall, so luxury shoppers will be able to breathe a sigh of relief.
Department store lovers will also be happy to hear that the mall’s Nordstrom store is also set to remain.
Despite this, shoppers shared their thoughts on the closure with many feeling sad and nostalgic about the store.
“This is heartbreaking,” one person wrote on Facebook.
“I got my first big girl credit card from them.”
Another Facebook user made a dark prediction about the future of other stores.
“Let the domino effect begin….,” they wrote.
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Other Economy News Today
A massive discount retailer is now closing all 371 stores and wind down its business operations after more than four decades.
99 Cents Only Stores will close all of 371 stores according to the City of Commerce discount chain.
“This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” interim Chief Executive Mike Simoncic said in a statement.
“Unfortunately, the last several years have presented significant and lasting challenges in the retail environment.”
He cited multiple factors, including the “unprecedented impact” of the COVID-19 pandemic, shifting consumer demand, persistent inflationary pressures and rising levels of shrink — an industry term that refers to loss of inventory attributed to reasons such as shoplifting, employee theft and administrative errors.
Combined, those issues “have greatly hindered the company’s ability to operate,” Simoncic said.
99 Cents Only has stores in California, Arizona, Nevada and Texas and has about 14,000 employees. The privately held company said it had reached an agreement with Hilco Global to liquidate all of its merchandise and dispose of fixtures, furnishings and equipment at its stores. Sales are expected to begin Friday.
Hilco Real Estate is managing the sale of the company’s real estate assets, which are owned or leased, reports The LA Times.
The announcement by 99 Cents Only reflects a larger weakness in the dollar-store category, said Brad Thomas, equity research analyst at KeyBanc Capital Markets.
Dollar Tree, a Chesapeake, Va.-based retailer, announced last month that it was closing 600 of its Family Dollar stores this year and an additional 370 in the next few years, he noted.
“It’s been trying times for many, many retailers,” he said.
“What’s interesting is that what started out as a boon to retailers in the pandemic, with all those stimulus checks, quickly turned into a very troublesome time.”
Rising wages, inflation and higher losses due to shrinkage have reduced profits for retailers in a deep-discount sector where margins are already extremely low.
99 Cents Only, with its large base of California stores, has been under particular wage pressure, he said.
And it’s at a disadvantage compared with larger chains such as market leader Dollar General, which has a store count close to 20,000 — “a sales base and a store base that is multiple times larger than 99 Cents,” Thomas said.
Last week, Bloomberg reported that 99 Cents Only was considering a bankruptcy filing as it contended with a liquidity shortfall.
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