A popular mall is now losing an unexpected retailer after an impressive 22 year run, citing it is the ‘right move’ for the company.
The Fashion Mall at Keystone in Indiana is getting a major design update and as part of the redevelopment, the Saks Fifth Avenue store in the mall will close.
“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,” said Mark Silvestri, Simon’s President of Development, 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.”
A spokesperson for Saks Fifth Avenue said the decision to close a store is “never easy,” but that this is the right move 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,” they said in a statement to The U.S. Sun.
The mall’s redesign will see a curated collection of highly sought-after retailers, an outdoor plaza, first-to-market dining and entertainment options, and new office spaces added to the space.
There is currently no update on when the store will close.
However, mall shoppers will still be able to enjoy luxury stores like Louis Vuitton, Gucci, and Tory Burch.
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Also Read: A Giant Company Now Announces Unexpected Layoffs in Virginia
Other Economy News Today
Your favorite tech company now lays off over 600 employees in California, shortly after it canceled a long-running project.
Apple is laying off 614 workers in California, according to a new state filing, the company’s first significant round of job cuts since the Covid pandemic.
The affected Apple employees worked at eight different facilities in Santa Clara, according to the WARN notice posted by California.
The workers were officially informed of the cuts on March 28 and the changes are effective May 27, the filing said.
Apple hasn’t been forced into the same kind of downsizing as its tech peers, largely because the iPhone maker grew more slowly than rivals during the pandemic.
The filing comes weeks after Apple canceled a long-running project to build an electric, self-driving car in a team called the Special Projects Group.
While the California notice didn’t mention the specific projects where jobs are being cut, none of the locations in the filing are at Apple’s Cupertino headquarters, but at smaller, satellite offices more likely to house secretive initiatives.
Positions that were cut include machine shop managers, hardware engineers and product design engineers, according to the San Francisco Chronicle.
An Apple representative declined to comment, per CNBC.
Layoffs in the United States continues to be a developing topic.
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Also Read: Millions May Now See Higher Social Security Money Checks
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