Saks to Shutter Nearly Half of Store Fleet

Department store Saks announced this week it will shutter up to 20 of its 53 locations. The luxury chain announced last month it would close two store in Portland, Oregon sparking rumors that more store closures were abound.

Despite the massive store closures, Saks chairman and CEO, Stephen Sadove, the outlook is positive, with consumer spending habits on the up-and-up and Saks' adaptation to the evolution of the market.

"We are feeling much more optimistic about where the economy is going and the state of the consumer," said Sadove. "There are [still] a lot of clouds out there, but you are seeing a mind-set change among the consumers. We are seeing a resurgence in areas that were dead in the water."

According to Sadove, among the strategies the company will employ to stay afloat includes expanding the Off Fifth outlet chain.