Retailer Saks Incorporated announced that it has determined that holders of its $230 million 2% Convertible Senior Notes due March 15, 2024 (Convertible Notes) are entitled to convert the Convertible Notes into shares of the Company's common stock due to the closing price of the Company's common stock exceeding 120% of the Convertible Notes conversion price for at least 20 trading days out of the last 30 trading days in the quarter ended June 30, 2007.
Holders of the Convertible Notes may convert them into shares of the Company's common stock until September 30, 2007 in accordance with, and subject to, the terms of the Convertible Notes indenture.
Saks Incorporated currently operates Saks Fifth Avenue, which consists of 54 Saks Fifth Avenue stores, 49 Saks Off 5th stores. The Company also operates Club Libby Lu specialty stores.
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