Reuters: Global Markets: Saks shares rise on report it hired Goldman for strategic options

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Saks shares rise on report it hired Goldman for strategic options May 21st 2013, 20:38 Tweet Share this Email Print Related News Dow, S&P end at records on Fed officials' reassurance 4:40pm EDT Kohl's expects sales to pick up Thu, May 16 2013 Penney CEO says company needs time to climb out of 'abyss' Thu, May 16 2013 Macy's profit, sales rise even as some shoppers pull back Wed, May 15 2013 Related Topics Hot Stocks » Asian Markets » The outside of the Saks Fifth Avenue store is seen in New York October 8, 2009. Credit: Reuters/Shannon Stapleton NEW YORK | Tue May 21, 2013 4:38pm EDT NEW YORK (Reuters) - Shares of Saks Inc (SKS.N) climbed higher Tuesday after the New York Post reported that the luxury department store chain hired Goldman Sachs (GS.N) to explore strategic alternatives, including a possible sale, citing a source briefed on the matter. Shares were up 18 percent at $16.15 in late trade. They closed up 11.3 percent at $13.67 in regular trade, giving Saks a market value of more than $2 billion. Before the report, shares rose as high as $13.55, their highest level in five years after the retailer reported better than expected sales in the first quarter. A spokeswoman for Saks declined to comment, citing company policy on market speculation. Goldman declined to comment. (Reporting by Phil Wahba in New York; Editing by Bernard Orr) Tweet this Link this Share this Digg this Email Reprints Comments (0) This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

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