visualstore.com
Saks Inc. reported that the Saks Fifth Avenue store in New Orleans, which suffered substantial water, fire and other damage related to Hurricane Katrina in late August 2005, is expected to reopen in the third fiscal quarter of 2006 after necessary repairs and renovations are made to the property.
Saks Fifth Avenue Enterprises (SFAE) chairman and ceo Fred Wilson noted, “Saks Fifth Avenue has built a great franchise in New Orleans, and we have many loyal customers and associates there. We are committed to this great city, and we are working diligently to return to this important market as soon as possible.”
The store is covered by both property damage and business interruption insurance. The property damage coverage will pay to repair and/or replace the physical property damage and inventory loss and the business interruption coverage will reimburse the company for lost profits as well as continuing expenses related to loss mitigation, recovery and reconstruction for the full duration of the reconstruction period plus three months.
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