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Saks buys youth retailer

Executive Summary

Club Libby Lu shops will launch in children's department of six Saks department store doors in 2003 following company's purchase of preteen mall-based retailer, Saks states in May 6 press release. Saks acquired the company for $12 mil. Distribution expansion of store-within-store concept will continue moving forward, Saks notes. Club Libby Lu, which markets beauty and bath products in addition to other preteen merchandise, currently consists of 11 stores in the Mid-West. Saks plans to open three additional mall-based stores by the end of the year with "additional" stores slated to open "over time," company maintains. Mary Drolet will remain CEO of Club Libby Lu and will report to Saks Department Store Group President and CEO George Jones...
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