Saks Incorporated Closes Offering of Convertible Notes Due 2013

NEW YORK--(Business Wire)--
Saks Incorporated (NYSE: SKS) ("Saks" or the "Company") today announced the
closing of its offering of $120 million in principal amount of 7.5% Convertible
Notes due 2013 (the "Notes"), which included the exercise in full of the initial
purchasers` option to purchase $15 million aggregate principal amount of
additional Notes, solely to cover over-allotments. The Notes were privately
offered to qualified institutional buyers pursuant to Rule 144A under the
Securities Act of 1933, as amended.

Saks received net proceeds from the offering of approximately $115.4 million
after deducting initial purchasers` discounts and estimated offering expenses.
Saks intends to use the net proceeds to pay down amounts outstanding under its
revolving credit facility and for general corporate purposes.

This press release does not constitute an offer to sell, or the solicitation of
an offer to buy, the Notes. Any offers of the Notes will be made only by means
of a private offering circular. The Notes and the shares of common stock of
Saks, if any, issuable upon conversion of the Notes have not been registered
under the Securities Act, or the securities laws of any other jurisdiction, and
may not be offered or sold in the United States without registration or an
applicable exemption from registration requirements.

About Saks Incorporated

The Company currently operates 53 Saks Fifth Avenue stores, 52 OFF 5TH stores,
and saks.com.

Forward-looking Information

The information contained in this press release that addresses future results or
expectations is considered "forward-looking" information within the definition
of the Federal securities laws. Forward-looking information in this document can
be identified through the use of words such as "may," "will," "intend," "plan,"
"project," "expect," "anticipate," "should," "would," "believe," "estimate,"
"contemplate," "possible," and "point." The forward-looking information is
premised on many factors, some of which are outlined below. Actual consolidated
results might differ materially from projected forward-looking information if
there are any material changes in management`s assumptions.

The forward-looking information and statements are or may be based on a series
of projections and estimates and involve risks and uncertainties. These risks
and uncertainties include such factors as: the level of consumer spending for
apparel and other merchandise carried by the Company and its ability to respond
quickly to consumer trends; adequate and stable sources of merchandise; the
competitive pricing environment within the retail sector; the effectiveness of
planned advertising, marketing, and promotional campaigns; favorable customer
response to relationship marketing efforts of proprietary credit card loyalty
programs; appropriate inventory management; effective expense control;
successful operation of the Company`s proprietary credit card strategic alliance
with HSBC Bank Nevada, N.A.; geo-political risks; changes in interest rates; and
fluctuations in foreign currency and exchange rates. For additional information
regarding these and other risk factors, please refer to the Company`s filings
with the SEC, including its Annual Report on Form 10-K for the fiscal year ended
January 31, 2009, its Quarterly Reports on Form 10-Q, and its Current Reports on
Form 8-K, which may be accessed via EDGAR through the Internet at www.sec.gov.

Management undertakes no obligation to correct or update any forward-looking
statements, whether as a result of new information, future events, or otherwise.
Persons are advised, however, to consult any further disclosures management
makes on related subjects in its reports filed with the SEC and in its press
releases.

Saks Incorporated
Julia Bentley, 865-981-6243

Copyright Business Wire 2009