New York City -- Saks Fifth Avenue will close its store in downtown Pittsburgh in 2012, the Pittsburgh Tribune-Review reported. The news follows negotiations between the retailer, the store’s landlord and city officials over funding for renovations to the building.
“In order to remain in downtown Pittsburgh, we communicated to the landlord and city representatives that it was imperative that we secure funding toward a much-needed comprehensive model and upgrade of the store in order to meet competitive pressure and the expectations of our customers and vendors," said spokeswoman Julia Bentley said, in a report by the Pittsburgh Tribune-Review.
Saks received an offer to renew the store's lease which expires on Sept. 21, 2012, and it included a funding proposal, the report said. However, the company decided it would not be practical to accept the offer.