Saks to close retail units

Saks Fifth Avenue announced today that it will close all of its Club
Libby Lu stores, including six in Florida. There are 98 mall-based Club
Libby Lu stores, offering shopping and activities to girls ages four to
12, around the country. The South Florida stores include one each in
Boca Raton, Coral Springs and Miami. Saks said all of the stores, which
generated $60 million in revenue in the fiscal year ending February,
should be closed by the end of the first quarter of 2009, and the
brand’s 1,700 employees will be offered severance packages.