By and  on April 16, 2010

Saks Fifth Avenue will close less than 20 stores over time, representing “more than a handful” of the 53 full-line units in the luxury chain, said Stephen I. Sadove, chairman and chief executive officer of Saks Inc.

Meanwhile, Diego Della Valle, one of Saks’ biggest shareholders with 9.1 percent of the stock, said during an appearance in Beverly Hills, “In my opinion, the business every day is much better than before and the valuation of the share will grow a lot.”

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