Saks to Close Private-Label Division

Birmingham, Ala., Saks Inc. has announced that its Saks Fifth Avenue Enterprises segment will close its private-label brand and its product-development division by the end of September. Saks cites its reason as a desire to focus on upscale designer merchandise.

The company said that it will provide assistance to the 15 employees in the product development division, but did not disclose whether it expects to record any one-time charges or gains from the action.