Thursday, November 06, 2008

Mall losing a tenant

Another horrible retail concept is coming to an end, which means our local mall is going to lose a tenant.

Liby Lu is closing:

Retailer Saks Inc. said Wednesday it’s closing all of its Club Libby Lu specialty stores that cater to girls in the 4-to-12 age range.

In a press release, the company cited lack of profitability for the closings ... Birmingham, Ala.-based Saks (NYSE: SKS) has 78 Club Libby Lu stores in malls across America and 20 stores located in former Saks Department Store Group stores, the company said.

Saks expects to close all of its Club Libby Lu retail units by the end of the first fiscal quarter in 2009.

During the fiscal year ending Feb. 2, Club Libby Lu generated revenue of $60 million. The retail units and brand employs 1,700 associates nationwide -- all of whom will be offered severance packages.

1 comment:

Ichabod said...

That's too bad. I know of dozens of young girls who have been faithful customers of that store ever since it opened....

...when? 3 months ago?