Boston, MA 05/23/2013 (wallstreetpr) – The share prices of Saks Inc. (NYSE:SKS) had increased by 13.39 percent to close at $15.50 per share for the last trading session. As the company is considering various strategic alternatives for future development, which also includes an offer for sale, the share prices witnessed a gradual increase to reach to new 52 week high level of $16.17 per share by the end of the trading day.
The department store retailer, Saks Inc. (NYSE:SKS) had been operating through its subsidiaries and its business units include Saks Fifth Avenue (SFA) stores, SFA e-commerce operations named Saks Direct and Saks Fifth Avenue Off 5TH named OFF 5TH. The company is specialized in retail sales of luxury products such as fashion apparel, related accessories, shoes, cosmetics, jewellery and gifts. The stores of Saks Fifth Avenue either operate as free standing stores in prime destinations for shopping or operate as anchor stores in upscale regional malls.
Offer for sale
Saks Inc. (NYSE:SKS) also offers its customers to purchase their products through its online shopping sites or through its catalogue orders. Recently the department store retailer is considering alternative strategies to enhance the future development of the company. In line with these considerations, Saks Inc. (NYSE:SKS) had appointed Goldman Sachs to analyze and propose the best alternative strategy for the company. Such alternatives also include an offer for sale of Saks Inc. (NYSE:SKS).
The company had floated 150.20 million shares to the equity holders to raise capital for its operations and Saks Inc. (NYSE:SKS) has an institutional ownership of 64 percent of its holdings.