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New York City Saks Inc. announced its plans to discontinue the operations of its unprofitable Club Libby Lu specialty store business.
Club Libby Lu is an experience-driven retail concept catering to “tween” girls aged 4 to 12. The company acquired Club Libby Lu in 2003 primarily as a growth vehicle and traffic driver for its Saks Department Store Group business, which has since been sold.
The company expects the Club Libby Lu store-closure process will be completed by the end of the company’s first fiscal quarter ending May 2.
The company currently operates 78 Club Libby Lu stand-alone stores in malls nationwide and 20 Club Libby Lu store-in-stores within former SDSG stores.
All Club Libby Lu locations are leased, with an average store size of 1,100 sq. ft. Club Libby Lu generated revenues of approximately $60 million for the fiscal year ended Feb. 2, 2008.