"Sanborns Group informs the investing public that the decision has been made not to renew the licensing agreement with Saks & Company (Saks), which expires in November. Therefore, the operation will conclude, and Sanborns Group will allocate the premises to open a Sears store," the statement said.  

Saks is a luxury department store chain in the United States and a subsidiary of Saks Incorporated. Sanborns has held the Saks license since 2006, but they also announced the closure of the Polanco unit in the same format in 2020.  

In the second quarter of the year, Sanborns Group reported net sales of 14,961 million pesos, representing a growth of 22.6% compared to the same period last year. 

Read the full article (in Spanish): Link.